ALV long postition opened

Hello traders,

Yesterday I opened up a postition in XETR:ALV opening at 179. We did this because the support line was tested for the third time and held it once more.
ALV will be announcing earnings on the 5th of august. It will be interesting to see what happens here.

Our stop loss is currently sitting at 171.7.

If you would like to see more of my trades in more detail I recently started an account on Etoro.
www.etoro.com/people/samboly/portfolio

PS: I'm in no way an experienced trader, nor is this investing advice. I't is mainly just for me to keep a record of my charts and review them at a later time. Feel free to use the information as you like :)

Comment:

ALV released Q2 earnings. On 05-08-2020 they posted a 29% fall in net profit in the second quarter from a year earlier.

However it is an increase to the previous Q1 earnings report, we are updating our stoploss to 179 to avoid any loss here.
The company is hit pretty hard by the coronavirus.

We will see what the market thinks of the results made when it opens in an hour.

Trade active:

Our trade got closed by the stoploss we put in to prevent a big loss if the market reacted negatively to the earnings report.

On last fridays close on the 7th a small hammer formed after a decline. This is a possible reversal signal. Because this happened right on the support line we bought another position on the close here.

new stoploss 173.

Trade active

Trade closed manually