$PLTR Pullback + Consolidation, Looking for Long Entry

GP1 uses previous LH / LL on Daily.
GP2 uses previous LH / LL on 4H.

PLTR pulled back after a volume climax / capitulation and bounced off GP2 support. I would not be surprised if is able to hold above GP2 and consolidate due to all of the bullish momentum and attention, however it is currently too far extended from the 8EMA.

I'm watching for consolidation above GP2 for an entry to go long commons and possibly leap options. Loss of GP2 and I will be looking at GP1 for entry unless chart indicates some other bullish reversal.

Trade active

As expected PLTR wicked off the daily 8EMA both days filling that gap noted in the original post.

Today, I entered 04DEC20 27c @ .85 and closed @1.2-1.42 for an avg 65% gain, leaving some runners.

Looking to add a long starter position tomorrow AM and after confirmation of hold above 8EMA i'll add size. I'm still cautious of another leg down to GP1.

Trade closed: target reached

DEC 2 Recap:
PLTR gapped down on the DEC 2 opening, had a great scalp grabbing 04DEC20 22C @ 1.14, sold these 1.66 - 1.87, leaving 20% of the position as runners. Closed the remaining 27C runners at a loss.

Played the Abandoned Baby Candlestick at close and took 04DEC23C @ 0.66.

DEC 3 Recap:

Closed remaining 04DEC22C @ 2.35. 100% Profit.
Closed all 04DEC23C @ 1.63. 150% Profit

Probably should've left some runners since it continued to run throughout the day.

Note

Its been a while since I updated this chart, the reversal was very strong and profitable if you played it.

PLTR is holding above the 1h 8EMA. We are looking for volume and follow-through to dictate the direction. As we can see on this updated chart, the new GP acted as support and is now consolidating for a bigger move.

tfleet007

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tfleet007