Sarepta Therapeutics: Major Monthly Signal on Watch
Updated
We have an inverted H&S here on the monthly time frame above a major level representing all time highs in year 2000. That is very bullish on a long term basis.
Some people have asked in the past if inverted H&S patterns are only reversal patterns. I've spoken to Peter Brandt (my mentor in classical charting principles) about this several times - according to Schabacker (founder of classical charting) they are valid continuation patterns.
In other good news. I've had a decent level of interest for a trading room. For those that still haven't seen those posts, I'll be starting a live trading room for free on the first week of January. I'll showcase my trade management which is the most important aspect of trading. (Active day trades/swings trades/etc). DMs are open if interested in joining. I'll send everyone that DMs me an invite to the room a day or two before it launches (January 4th).
Some people have asked in the past if inverted H&S patterns are only reversal patterns. I've spoken to Peter Brandt (my mentor in classical charting principles) about this several times - according to Schabacker (founder of classical charting) they are valid continuation patterns.
In other good news. I've had a decent level of interest for a trading room. For those that still haven't seen those posts, I'll be starting a live trading room for free on the first week of January. I'll showcase my trade management which is the most important aspect of trading. (Active day trades/swings trades/etc). DMs are open if interested in joining. I'll send everyone that DMs me an invite to the room a day or two before it launches (January 4th).
Note
I got very lucky not being involved in this. I've been waiting for the daily time frame to set up and it never did. I could have easily gotten hurt on this trade. I only looked at it last week to see where I'd start the long position.When very high probability trades breakdown (especially long time horizon ones like this), they can breakdown in a VERY significant way, just like SRPT has. This is a good reminder that you cannot be overconfident on any single trade. ANYTHING COULD HAPPEN in the market. This one is particularly brutal because the set-up was exceptional from a weekly perspective. A lot of traders got hurt badly on this one. These situations are what every trader fears most when taking big positions. Biotechs tend to do this more than any other sector. That's why position size should be lower for this sector.
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