Top Gun Trade of the Week

LRCX TRADE – 24 JAN

LRCX reported earnings on Wednesday after the market close and gapped up approximately 8%. Our expectation was for a to move to at least the Resistance level of $158.50. We monitored the movements and went Long using the Feb $150 Calls.

We peeled off 1 contract after a move of 40% and exited when the Price of the stock touched the first area of Resistance around $158.50.

Eventually the stock ran to the higher Resistance level, but we were content with our profits taking our “50% out of the middle”.


LRCX Daily chart with Resistance levels

LRCX 5 minute chart with Entry and Exits

View the video recording of the entire trade HERE.

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GS Trade of the Week

In this video, Steve Risner discusses the setup and trade for current Trade of the Week.

Renko bars • Support • Resistance • Trend • Moving Averages • Stoch/RSI

 

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