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ARM: Swinging from the bottom to a breakout

ARM trade plan

Trade Plan (May 12)

  • Entry price: 211.45
  • CL1: -5.2% (200.86 at MA20 support)
  • CL2: -10% (190.21 at box bottom)
  • TP on box top: 13.19% (239.4)
  • Check daily MA20 support
  • Check 4H MA50 support

Notes

May 21

  • At EOD: strong box breakout overtaking the initial TP. Also with good volume. Decided not sell for now.
  • Monitor price movement the following day.

May 22

  • Early trading hours shows strong demand, though it's end of week so watch out for price action more carefully.
  • Gap up opening.
  • Missed to check daily MA20 and 4H MA50 previously. But as of today both supports were followed.
  • Box breakout occurred after hitting support level
  • At EOD: Long white candle with almost no wick. Decided not to take profit for now. Monitor again tomorrow.
  • RSI looks good.

May 26

  • First trading of the week.
  • Holding. RSI looks healthy.

Thoughts on Exit

Actual exit price: 313.14 (May 27)

  • Noticed price action in smaller intervals was not holding well. (Black candle in morning hours).
  • Secured profit. Watch out for a re-entry.