11/30/2021
PTON | $43.21 -> $44 ($43)
𝙏𝙧𝙖𝙙𝙚 𝙤𝙛 𝙩𝙝𝙚 𝘿𝙖𝙮 11/19/21
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This trade is one of the cleanest Wedge Breakouts I have seen in a WHILE!
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The Wedge Breakout is a pattern based on consolidation finally choosing a direction. If the wedge is sideways like the one in this trade (not ascending or descending) then it can break is either direction and still form a valid setup. In this case, the stock broke upward.
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What makes this Wedge Breakout trade so great is how it pulled back after breaking to give me a tighter stop as well as confirming it was staying outside of the wedge. The pullback also happened at a rejection of Psychological Resistance HOD which gave me a great entry opportunity if that were to break, which it did!
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Then my target was simply placed at the next whole number because that was the next resistance level that could get in the way of the move, which is the perfect place to take some profits off of the table.
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I made +3.8R on this trade and +6.4R on the day with 2 wins and 0 losses.
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You can watch me trade this LIVE in the stream recap at twitch.tv/maxwellstarr
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Did you take trade this stock today? 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘆𝗼𝘂𝗿 𝗲𝗻𝘁𝗿𝘆, 𝘀𝘁𝗼𝗽, & 𝗲𝘅𝗶𝘁 𝗯𝗲𝗹𝗼𝘄!👇🏼
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Join my next live trading stream for free trading education👊🏼 ~ 𝘠𝘰𝘶 𝘸𝘰𝘯’𝘵 𝘳𝘦𝘨𝘳𝘦𝘵 𝘪𝘵.
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