CVS long following bottoming out, monthly bullish divergence

CVS has formed a descending triangle and daily appears to be closing above the upper triangle (break out). We have a monthly bull div on the RSI. A forming daily wedge will provide good stop for our trade. R:R lies in longing at break out confirmation.

交易开始:

Entry @ 65.985 friday

评论:

we touched down on dynlevel (70.05) and daily volume profile node (70.05), failed to make the higher high (71.07). TP could have been set lower but I wanted to put my stop loss at the daily wedge so I stand by my original TP level and we will just have to wait and see how this plays out.

评论:

Moved up past the only major resistance before our take profit. Very satisfied with that. Sell order placed @ 79.02

评论:

weak bear div on the daily rsi here but not at a major resistance level and the bear div is not clear. Not worth TP early.

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We are now at support: throwback and daily volume profile. Seeing a move up here would be very good sign. Coming off a rsi bear div from 6/21 an early TP would be best at 71.20 (top of daily volume profile node), but have not decided if we want to TP early yet.

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8% gap down on open today following news that Amazon (Whole Foods) entering the online pharmacy market.

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We got a bit of a touch down on the downward trend and a big gap left so our trade still looks good to hold even though we are in the red. Never great when bad news comes out against your technical trade :p

评论:

In retrospect daily bear div could have been a great place to close this trade