$AMD in “W” Formation?

Sep 17

AMD looks to be developing a “W” formation, similar to a double bottom. There are quite a few of these formations on charts especially in the “Semis.”

AMD stands out to me and looks to have a measured move from the breakout point (top of middle of “W” measured an equal move higher, see chart). The breakout looks to me to be $157.82 for a possible entry. I have an alert set early at $155.25 so I can evaluate an earlier entry. All TBD.

The target price looks to be very close to the previous high or about an 18% move. Again, all TBD.

If I take this trade, I will update the post. Note, this is “looking” like a setup to me, it is not yet a trade. Thanks for looking.

Sep 17

Note

AMD can also be looked at as a wedging pattern that looks to have already broken out. Just another reason to keep this on your watchlist. I am cautious going into Wednesday's Fed announcement so no new positions for me until that event.

Sep 19

Trade active

I have started a 1/2 size position here with a stop below todays low. I will add if / when we get a breakout around $160.00. My entry price is 156.13. Let's see what happens.

Sep 19

Note

AMD may be a bit stretched on the day but it is trending so I have added another 1/4 size to bring my position to a 3/4 size. I am going to need some consolidation to add more and I have a tight stop on the added shares. See chart.

Sep 19

Note

Stopped on the 1/4 add-on...

Sep 20

Trade closed manually

Closed AMD @ 156.25 pretty much breakeven. This is back on my watchlist as an A+ set-up.