New Trade - MDR

Ephesians 3:20 "Now to him who is able to do immeasurably more than all we ask or imagine, according to his power that is at work within us"

Here's Groundhog Day Trade #1

Check out the chart:

We had 2 days' closing above the broken resistance line (which is now new support). I put my stop below the last low where the buyers came in and drove up the price to break the resistance. I like the big white bullish candle the other day on a nice uptick in volume and the MACDs, after having been negative for quite some time, are just starting to turn bullish. This thing seems poised to take off.

If you look at the chart you can see that this general area has been a support area for awhile, so by putting my stop in where I did, I figure if price does get below this for 2 consecutive closings, then the sellers will have overpowered the buyers and my trade is dead.

I've gotta pull up a longer time frame chart to find the target:

The next level up is just above $25.50, so that will be my target. I'll most likely take profit just before hitting that level.

I bought a May 20 Call for $3.00. Now, I'll just let the market do what it's going to do and I'll sit and wait - I've got plenty of time for this trade to work out.