New Trade - PDE

Proverbs 3:5-6 "Trust in the LORD with all your heart and lean not on your own understanding; in all your ways acknowledge him, and he will make your paths straight."

My path is the trading accounts of Wall Street...

Got into a new entry today - PDE. Check out the chart:

I like this trade for a few reasons:

1. We aren't "officially" in an uptrend, because we aren't getting higher highs - however we are getting higher lows, which means the buyers keep coming in and buying higher (i.e. they are getting more aggressive).

2. Since we aren't getting higher highs, but are getting higher lows, we are developing an "ascending triangle" - which is very bullish. If we get ABOVE resistance, then we'll have some good upward movement potential.

3. Analysts upped the price target on this stock to $34 - which is above the level of resistance.

So, I'm initially looking JUST to get back up to the resistance level, which we've hit several times since the beginning of November. I may get lucky and get a good jump right up through resistance on a big candle, but that's a secondary goal. Just looking for a quick move back up to resistance.

I bought the February 33 Calls for $1.40. In my short quick trades, I'm looking for the NEXT expiration month out and ATM options. You can see my stop in yellow - 2 levels of support.

Now - let's get our money from Wall Street!!