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PGR trade ideas

PGR (Long) (Weekly Income)Asset Class: Stocks Income Type: Weekly Symbol: PGR Trade Type: Long Trends: Short Term: Down Long Term: Up Set-Up Parameters: Entry: 246.66 (Confirmation Entry) Stop: 234.70 TP 282.53 (3:1) Trade idea: A price pin into a daily demand zone , Buying the breakout on the 1H TF as the price pullback and the SL at the distal line of the DZ (Conservative) . The trade setup also use the Elliot wave analysis, where the price is likely to form wave 5 next. The setup has a 3:1 RRR with a potential for 4:1. The RSI is oversold on the 4H , showing divergence, and heading up. !!Be aware of pending Economic Reports. If price is within 20 pips of proximal value at time of major impact report, then Confirmation entry. Trade management: -Split the TP to 3 orders at each TP -when price hits 1:1 , consider moving stop to entry in case of pullback. So your trade is risk free. -After TP2 hit, you might consider canceling the TP3 and trail the SL to maximize your profit. **Disclaimer**: The trading strategies, ideas, and information shared are for educational and informational purposes only. They do not constitute financial advice or a recommendation to buy or sell any securities, currencies, or financial instruments. You should do your own research or consult with a licensed financial advisor before making any trading decisions. The author assumes no responsibility for any losses incurred from following these trading ideas.
NYSE:PGRLong
by MESHANL
2
PGR | InformativeNYSE:PGR *I'm bearish on this, because it's overbought and also based on EW, we should expect the rejection. but here are the both scenarios. If the stock price surpasses the bullish line at approximately $157.05, the immediate upside target could be: Bullish Target Price 1: Drawing an inference based on the chart's pattern, considering the amplitude of prior upward moves (such as the move from point 2 to 3), a potential target could be around $165-167. However, this is an approximation, and exact figures may vary. If the stock price falls below the bearish line at $154.82, there are a few potential downside retracement targets based on Fibonacci levels: (a) 0.382 retracement at $140.31. (a) 0.5 retracement at $134.79. (a) 0.618 retracement at $129.27. These levels are based on the Elliott Wave and Fibonacci retracement which predicts potential retracement levels after a significant move.
NYSE:PGR
by shkspr