This is based on a new strategy that I started working on based on monitoring the larger price landscape and then observe character changes in the price action at key points.
First new high
Initial spike was brought about by news that HIMS would be launching its own branded GLP-1 medicines. These are the revolutionary weight loss drugs like Ozempic.
Second new high
Strong price movement with long full candles, but volume has slightly decreased.
Third new high
Price movement is dulling with significantly smaller candles and low voume
First new high
Initial spike was brought about by news that HIMS would be launching its own branded GLP-1 medicines. These are the revolutionary weight loss drugs like Ozempic.
Second new high
Strong price movement with long full candles, but volume has slightly decreased.
Third new high
Price movement is dulling with significantly smaller candles and low voume
- Placed a small short bet that I will scale up if things go my way.
- Risk reward is good at 2.47
- SL is based on me adding the ATR value on top of my entry
- What I am conflicted about is that the larger market regime is bullish
Note
💡 I was looking at the chart and I realised I could paint this however I wanted it to be bull or bear- Bull
Selling is decreasing since the first spike, price is making higher lows. Now that the sellers are out the buyer are in control and price will shoot up. Fundamental story is strong
- Bear
There is a character change in the price action. Price has made a higher high with significantly less volume. Price action is getting less volatile and tighter as reflected with the smaller candles. Buyers are drying out and converting into sellers
It could also be that a normal behaviour for a strong with strong news breaking new highs would be strong bullish pushes especially after a pull back. Hence the break in character
Trade closed manually
I close this early because the price behaviour was not what I expected. It had strong bullish velocity when the entire market was reflecting red. I believe this fail because the fundamental reason why the price was initially bullish was a strong business reason. I will now look to go long if the second 1 hour candle closes above
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.