T Entering reversal zone

37 0
AT&T is entering its reversal zone and is gearing up for a good long play.

Symbol: T
Position: LONG via May 19 41 CALL options
- April 17 41 too close for comfort and April 17 40.5 does not have enough open interest
Justification: Bull reversal zone

  • Wait for candlestick indicators of reversal (hammers, engulfment, etc) that are supported with chart indicators ( RSI movement, cloud break on 15 minute chart, etc).
  • 15 minute chart also showing a clear wedge formation, so a break of this wedge would also serve as further confirmation.
  • Enter long upon confirmation of these signals.
Trade ist aktiv: Filled to open May 17 41.00 Call yesterday before close to take advantage of any potential gap. Risky, but based on price action in previous sessions I expected a gap up.
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