IWM Update & Trading MRVL Break Out

If you missed out on the IWM trade, Thursday gave us a reset. Plus, MRVL moving.

I hope the week closes out strong for you and your trading portfolio. Wednesday was for profit taking and Thursday punished those that left it on the table.

And for those that missed the trade earlier in the week, Thursday provided another opportunity to get in.

IWM took out its first two profit targets only to reverse course and force most trades to hit their respective stop losses.

The profit levels stand, the options contracts are the same, although you could move out another week at this point. Give another 5 days before expiration.

If you didn’t catch all of the IWM details, you can find them in the previous ATE publication.

IWM 1-hour candles retesting last week’s lows.

The one-hour candles have retested the recent lows and are ready to either bounce or break down further from this key level.

If we do get a bounce, I will very likely get right back into this trade. If it breaks down, it might be best to wait and watch.

I thought I would kick off the new month with a new trade and there is no sector I would rather trade than semiconductors.

And lucky for us, MRVL sets up really nicely for a big move higher.

MRVL daily candles breaking out.

The daily candles have recovered the highs from May after several months of selling off and started to move higher. The summer was where weakness exited the trade.

A couple of red days has support being tested between 78-79 and if it holds, we could see explosive upside.

Let’s get to the trade details and options contracts I’m considering for MRVL to kick off the month of November!