*This is not financial advice, so trade at your own risks*
*My team digs deep and finds stocks that are expected to perform well based off multiple confluences*
*Experienced traders understand the uphill battle in timing the market, so instead my team focuses mainly on risk management*
Here @SimplyShowMeTheMoney we strive to educate our traders on the importance of being able to recognize rare occurrences in the market structure on a chart. Today GameStop GME presented us with a rare opportunity in its structure that my team simply could not ignore. We watched GME open at 12% and shoot up to around 20% before retracing all gains back down to the negative 1 hour before the final bell. This comes as we enter a busy earnings week with a 2-day fed meeting that begins tomorrow and numerous data reports that could ultimately dictate the direction of the feds and the market.
GME is no stranger to making headlines. With midterm elections right around the corner we wouldn't be surprised if GME made a ridiculous move in either direction.
My team was able to secure shares of GME at $28 while it was red this afternoon. We have an automatic stop loss set at $27 due to the obvious risk factors associated with GME.
@JabezDolz not enough information for take profits just yet. Focusing only on price action and the chart. thanks tor commenting!
mikemuffin
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Your getting stumped out with this volatility! Risky play.
Ibro88
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I hate this stock. Its the worst to hold and its the worst to trade. Just keep it completely out of your portfolio, might even want to take it off your watchlist.