HSY Came up on my alerts last Friday (see below) as a Spike of Volume Profile Support. Price rallied from the Spike almost immediately but has since returned for an opportunity to take this trade.Since the Volume Profile POC is based on the Weekly trend from COVID low > All Time High this trade can be setup as a long term position with the Risk management laid out in the chart above. I would call this an attempt to catch a bottom in the "Valley of Risk" that the stock is currently within.
The above chart is the 30 minute timeframe Spike that triggered the alert. This trade never came back before reaching the 3:1 target. However, we can consider the 2 hour timeframe for more tactical risk management as it is still valid:
Managing risk on the 2 Hour timeframe gives a tight stop just below the Spike low. At which point we can derisk.
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"Be to others the person you needed to meet 10 years ago"
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
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.