UBER trade ideas
UBER 26.08.20 LongAsset and Time frame -UBER,1H, Premarket
Entry Price -31.18
Exit(Stop Loss) -30.37
Exit(Take Profit) -34.22
Technical Analysis -Price reached support and reacted with a good engulfing candle and good volume, market seems to move in sideways atm.
What can be improved -
Conclusion & End of Trade -
UBER watch for buy setupsHi traders:
Looking at UBER for some buy potential.
Currently price is sitting within this larger structure on the higher time frame.
We had a double bottom , price bullish impulse up.
If we get a small continuation correction to form, we can expect price to get push up to the top of the structure.
Then we can re-evaluate to see if price has enough momentum to break out, then look for more correction to buy.
Thank you
Uber fortune tellingCan assume non-existent price data to fit patterns to current prices? If so, can we reduce our risk when we do it? Here’s one such possibility of fitting a pattern to Uber’s price based on a hypothetical ABC correction starting at about $82. I’ve aligned the pattern to the hypothetical wave C.
If true, then we should buy Uber between 29.94 and 26.17. This model becomes invalid the longer that price remains under $23.48 if price drops below $23.48.
Take note that if this model is valid, price could only go up from here.
UBER: update on long positionQuick update on where we are with UBER
- we still hold the long position through the drop that happened earlier in August on the tail of the negative news regarding legal issues - which interrupted a possible breakout
- UBER is attempting another breakout with renewed demand and bullish sentiment according to the V.Viewer and the UTO -- the UTO is also showing a positive momentum to the upside
- UBER today entered the make-or-break zone - the next few days will determine if the current breakout attempt will succeed - if it does, we can look potentially at hitting the $37 to $39 range
- the breakout needs to be confirmed by a "hook" - a bounce up off that resistance zone on the chart
- the weekly (not shown here) is in line, showing an end of a bearish cycle and a possible start of a new bullish wave up
keeping the long position open for now.
Will Uber Ends its Correction and Begin a Reversal?NYSE:UBER seems to be in the last leg E of the expanding triangle ABCDE of the bigger wave (Y) . I expect a bounce from the level 29.25 and we will see if it is the beginning of the impulse wave (3) in the bigger frame or it will continue its correction.
