DIS Bearish Continuation Play Following Descending Triangle Gap
Description
Been tracking the descending triangle that DIS was working since early MAR, with a short alert set and triggered on the lower boundary. It was a massive gap though (an indication of a strong break-out), so I have been waiting on a retracement before entry.
Today marks a solid rejection of the resistance set in NOV19 and retested before the gap into the pattern on 9DEC20' @ 154.5, conveniently located at the .382 retracement following the start of this decline, thus triggering the short entry.
The implied move from the Descending Triangle takes DIS down to 136.
I am not a perma-bear by many means, but I am seeing the same things in almost every chart I look at. The rebound to near ATHs in the indexes earlier this week were only textbook retracements in a lot of the names that have made major bearish breaks in the last 3 months.
The VIX is also finding support at 20.
Long Put
Levels on Chart
SL > 154.5
PT : 136
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/31 145P
R/R & Breakevens vary on fill.
Tight Stops and Risk Management
Only invest what you are willing to lose
Been tracking the descending triangle that DIS was working since early MAR, with a short alert set and triggered on the lower boundary. It was a massive gap though (an indication of a strong break-out), so I have been waiting on a retracement before entry.
Today marks a solid rejection of the resistance set in NOV19 and retested before the gap into the pattern on 9DEC20' @ 154.5, conveniently located at the .382 retracement following the start of this decline, thus triggering the short entry.
The implied move from the Descending Triangle takes DIS down to 136.
I am not a perma-bear by many means, but I am seeing the same things in almost every chart I look at. The rebound to near ATHs in the indexes earlier this week were only textbook retracements in a lot of the names that have made major bearish breaks in the last 3 months.
The VIX is also finding support at 20.
Long Put
Levels on Chart
SL > 154.5
PT : 136
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/31 145P
R/R & Breakevens vary on fill.
Tight Stops and Risk Management
Only invest what you are willing to lose
Dagangan aktif
Filled @ 1.42Dagangan ditutup secara manual
Got even today before the FOMC, liquidated most shorts.Filled @ 2.15, +51%.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.