This is not my typical type of setup, however the prospects of GILD look very inciting. GILD is currently working on a coronavirus vaccine and is the closest to having a FDA approved vaccine in the future. Any positive announcements could cause GILD to spike in price as coronavirus fears continue. On the weekly chart, there is clear bottoming price action followed by accumulation recently due to the coronavirus news. The past few days, GILD has retraced back to it's breakout level due to the overall market weakness.
On the daily chart, GILD retraced to and rejected the high volume node in the 62-68 area.
Since this trade is outside of my usual timeframe, I am using 1/3rd risk on this trade.
Entry - 68.86
Stop loss - 61.90
Target - 80-90
This is considered a long term trade. I will exit depending on the trend on the daily chart rather than the 30m chart.
On the daily chart, GILD retraced to and rejected the high volume node in the 62-68 area.
Since this trade is outside of my usual timeframe, I am using 1/3rd risk on this trade.
Entry - 68.86
Stop loss - 61.90
Target - 80-90
This is considered a long term trade. I will exit depending on the trend on the daily chart rather than the 30m chart.
Comment:
Big gap up expected in GILD tomorrow due to news drop. Nice action so far, we shall see if GILD will go higher!
Comment:
Ended up stopping out of GILD at 75.95 on the spike down. This had been a very interesting trade on low risk. Unfortunately the negative news today shaked me out of this trade.
Trade closed: stop reached