New Trade - MGM

2 Corinthians 8:9 "For you know the grace of our Lord Jesus Christ, that though he was rich, yet for your sakes he became poor, so that you through his poverty might become rich."

We've got a new trade. Check out today's chart on MGM:

This is a triangle pattern break out trade. Notice how the price consolidated making lower highs and higher lows since early/mid October. Look at how the volume has been increasing as the price has been going higher. Look at the relative lows in the stochs since early November and look at how the MACDs (especially the two lines) have been going up as well.

If you look closely you can see the earnings (noted by a small telephone on the chart), which came out MUCH better than expected (big white candle), should be helping this stock go up as well.

The target is the next level of resistance above - approx $15.70ish or so.

I bought the March (100 days to expiration or so - which was the closest options to 90 days) 12 Calls for $2.63.

So, as you might know by know, one of the following will occur with this trade:

1. The stock will hit my target and I'll take profits

2. I'll take my profit before the stock hits my target due to weakness or time,

or

3. The stock will hit my stop.

Either way, it's all good.