But let's go back to the trading setup of the day. Worked very well on SNAP yesterday so there is a decent probability it's going to play out here again. Stock is gapping up around 26% pre-market to open around 34$ which is a few dollars above the weekly at 31.87$.
I'm going long half-size at open and place a bid the size of the other half at 31.87$. Target is the 50% Fib retracement of the entire bear market since at 44.23$ with an intermediate target at 37.03$ where the most cautious traders can take half or full profit. I place a stop at the weekly at 29.51$. The trade has a 2.35 r/r ratio.