Friday 10/23/2020 Larry Pesavento showed a Fibonacci based bullish Gartley pattern during his internet show on TFNN of TLT, which is the iShares 20+ Year Treasury Bond ETF. He's a famous, successful trader so I took a look at it and found a total of 6 independent bullish indicators:
- Bullish Gartley.
- Candlestick Piercing Pattern.
- Low stochastics.
- AB/CD.
- Filled Gap ()158.30-156.85).
- Yellow -27.2% (157.49), Green 78.6% (157.24) Fib confluence.
Set the target to 50% Fib retracement of the 172.25 - 156.75 range = 164.50, which coincides with a heavy congestion area lasting most of Sep.
It looks very promising as a high probability trade. I'm going to try and scale in if it moves in my favor. Meanwhile, on Friday 10/23/20 I started with a Dec 160 Call Option for $3.00. Remember options control 100 shares, so the cost was $300.
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