I was waiting to see
NIO
this week as it could continue to move around the 200 EMA or possibly go even lower to the 50 EMA.
The lowest and clearest support area that I see is only at $10.51. I would love to get feedback if you are seeing something else. So this is why I chose to use the EMA's as an entry point.
I took a long position today at $11.57 after starting the day at around $11.20. So I got in after pushing around 3% on the day to cross back to the 50 EMA and touch the 200 EMA with a little pushback, so I entered after that.
There is a huge gap down to my lower support, at around $10.51, so I put my stop loss at around $11.14, which would be a ~3.72% loss.
I want to exit and sell my position at around $12.65, a potential 9.51% upside. In that area, it would be back at the 20 EMA.
NIO
this week as it could continue to move around the 200 EMA or possibly go even lower to the 50 EMA. The lowest and clearest support area that I see is only at $10.51. I would love to get feedback if you are seeing something else. So this is why I chose to use the EMA's as an entry point.
I took a long position today at $11.57 after starting the day at around $11.20. So I got in after pushing around 3% on the day to cross back to the 50 EMA and touch the 200 EMA with a little pushback, so I entered after that.
There is a huge gap down to my lower support, at around $10.51, so I put my stop loss at around $11.14, which would be a ~3.72% loss.
I want to exit and sell my position at around $12.65, a potential 9.51% upside. In that area, it would be back at the 20 EMA.
Trade closed: stop reached:
Another brutal stop loss today.