Markets were showing indecision in direction and my bias for the overall market is still bullish. I wanted to add another long today encase this recent market weakness is just a fake out bounce. I do have one short position as a hedge. I decided to go long this DXCM pennant pattern in the daily. DXCM is at all time highs and recently gapped up and ran due to earnings. The pennant pattern also rest right at a level of support and there are strong candlestick patterns (Hammers) rejecting this support. Furthermore, DXCM is resting at the 20MA which is typically where strong stocks like to bounce.
Entry - 237.76
Stop loss - 321.90
Target 1 - 250
Target 2 - 268
I plan to use the 20MA has my all-out level.
Entry - 237.76
Stop loss - 321.90
Target 1 - 250
Target 2 - 268
I plan to use the 20MA has my all-out level.
Сделка закрыта вручную:
I closed this position early. DXCM did not show me the powerful breakout I am looking for. Luckily, I got out with a small profit as DXCM barely touched my stop loss level and whip sawed back to the top of the range. I may revisit this later.