I have a long position on $WISH as an open market volume scalp.
The following reasons are why I am long:
I have my initial target at 15, but if we push past VWAP and all indicators continue to point bullish I would aim for VWAP at 16.9, then we should push to next R at 20.11. (4hr TF)
This strategy is SHORT TERM and only during market opening volume. In case optimal volume or price is not reached during the earlier part of the market session I will close my positions.
The following reasons are why I am long:
- High probability of retesting new high at 15
- MACD (4hr tf) building up buying pressure gradually rather than abruptly (not forming triangle)
- MACD (1hr tf) potential cross over upcoming in case seller volume continues to decrease
- RSI remains in a buyers area
- Price holding above support at 50 and 20 MA, perhaps to retest VWAP (4hr TF)
- VWAP acting as support (1hr TF)
- ~2%+ pre-market
I have my initial target at 15, but if we push past VWAP and all indicators continue to point bullish I would aim for VWAP at 16.9, then we should push to next R at 20.11. (4hr TF)
This strategy is SHORT TERM and only during market opening volume. In case optimal volume or price is not reached during the earlier part of the market session I will close my positions.