New day, new trade. For today’s trade, we have workforce solutions company, Workday (WDAY) setting up what is usually viewed in the eyes of many traders as a bearish pattern. However, this setup is still waiting for the confirmation of this bearish sentiment. Confirmation will be on a break of the neckline of the pattern, otherwise known as a support level. Identifying these patterns increases the odds of you picking a high probability trade, so it is valuable every trader be familiar with them.
Also, when coming up with a plan, be sure to look at what the macro-environment is telling you about where the rest of the market is headed. Is it bearish? Then that adds to the confirmation of puts. If it is bullish, then maybe you are a little more cautious about putting on a bearish trade for the moment. Remember, cash is also a position.
To learn more about this chart pattern, as well as the potential trade that may be created from this pattern, be sure you watch the brief video below.
If you want even more practice, more options trading information, we’ve got just thing for you. When you join The Profit Machine today you’ll learn just how you can make this trade and countless more like it as I teach my students my strategy when it comes to trading options. Don’t wait, take advantage of this opportunity to make 2023 one of your best years yet!
I look forward to trading with you…