Hey Nate! Would you mind weighing in on my thesis?
Looking at SHOP on the daily, it’s had 7 green bars in a row with the final 3 appearing to show bullish momentum slowing. I’m theorizing a pullback using fib retracements starting point is candle of 1/4, up to 1/12. The 0.5 level puts price at ~76.99. With a short trading week this might present an opportunity for profit taking. If I were to theorize my own trade idea I would look at an $80 put expiring 1/19.
I like your line of reasoning. I would be a little cautious as a single day pull back might be all we see before it continues to move higher. RSI is strong but not overbought yet so there is room to move higher. That said, use a stop loss and I like this trade idea. Especially if you wait to see a drop below 79.13 (Thursday's low). Good luck! Let me know if you decide to get in it.
Honestly I’m still new to the markets (less than 1 year) so any knowledge shared is greatly appreciated. However, identifying high quality setups using TA seems to be one of the areas Ive been more focused on. I’m also interested in understanding general market flow and how different sectors relate to one another. bond rates to stocks for example. I hear veterans understand market flow where if “X” is up then “Y” typically has an inverse relationship. Any market insight is appreciated.
Thank you for taking me consideration, I hope you enjoy your weekend and I look forward to your next post!
Thank you! I also enjoyed your spaces talk and the use of the 3 point fib. Do you do this every Sunday?
Yes we do! Every Sunday at 2pm eastern. Live stream on X or you can find it on YouTube, The Trading Triangle. Thanks for tuning in!
Hey Nate! Would you mind weighing in on my thesis?
Looking at SHOP on the daily, it’s had 7 green bars in a row with the final 3 appearing to show bullish momentum slowing. I’m theorizing a pullback using fib retracements starting point is candle of 1/4, up to 1/12. The 0.5 level puts price at ~76.99. With a short trading week this might present an opportunity for profit taking. If I were to theorize my own trade idea I would look at an $80 put expiring 1/19.
Thank you for your time and consideration
I like your line of reasoning. I would be a little cautious as a single day pull back might be all we see before it continues to move higher. RSI is strong but not overbought yet so there is room to move higher. That said, use a stop loss and I like this trade idea. Especially if you wait to see a drop below 79.13 (Thursday's low). Good luck! Let me know if you decide to get in it.
I ended up putting that $80 put on my watchlist and it’s up 185%. I would’ve sold it today if it were real
Yes indeed!
Honestly I’m still new to the markets (less than 1 year) so any knowledge shared is greatly appreciated. However, identifying high quality setups using TA seems to be one of the areas Ive been more focused on. I’m also interested in understanding general market flow and how different sectors relate to one another. bond rates to stocks for example. I hear veterans understand market flow where if “X” is up then “Y” typically has an inverse relationship. Any market insight is appreciated.
Thank you for taking me consideration, I hope you enjoy your weekend and I look forward to your next post!
New subscriber here and I’m really enjoying the way you present information in your posts.
Thank you Brian! Let me know what you'd like to read more about at any time. I appreciate the kind words.
Perfect way to pass the time and be productive while at work