Alphabet Inc. (GOOGL), parent company of Google, has confirmed a 1%+ breakout.
This is the technique I employ in all my trades.
Yes, it’s ultra conservative. And sure, it keeps me out of some trades. But when I’m in… I’m in!
This setup is notorious for low-risk, high-probability trades. Don’t get me wrong… This trade just like any other and involves risk.
NOTHING in life is guaranteed!
However, this one checks all the boxes!
Price action has posted approximately a 1.9% settlement (closing) confirmation at $2,797.36.
I’d slide my stop under the previous bar at approximately $2,640. This positions the entry risk at approximately 5.5%.
I’d be looking to take my first profit at the ascending black channel at $2,885.
At that point, I’d move my stop to breakeven and then look to sell off my next slice at $3,010.
Then, I’d consider leaving a remaining piece on to see if the stock gets some traction onward and upward towards $3,325.
For a potential option play, I’d consider a $2,900 strike price call option with a July expiration.
I’d manage my option position by the price action of the underlying stock itself as described above. If you want to be in it for the longer haul, I’d look at the October expiration calls.
Does this trade have merit? Yes, it checks off all the boxes. But again, nothing is guaranteed to work.
Please feel free to comment regarding your thoughts below!
Rules to Live By
“Attitude is a choice. Happiness is a choice. Optimism is a choice. Kindness is a choice. Giving is a choice. Respect is a choice. Whatever choice you make makes you. Choose wisely.”
― Roy T. Bennett
Until next time, I wish you a beautiful and blessed day!
Yours In Trading Success,
Anthony Speciale Jr.