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LINE / LNCO what a wild morning! Idea on this one was to buy the wash out outta the gate, perfect perfect perfect. I went long .38 on LNCO and .58 on LINE expecting a dead cat bounce since it had faded straight down off $1.50s-2s straight down down down and then the gap down washout text book play discussed in Textbook Trading and Tandem Trader provided that nice entry - .03-.05 risk for a .10-.15 + reward (turns out it was .30+ reward)
08:54:03 am InvestorsLive: actually monitoring LINE LNCO if XLE XOP USO stay up -- the lower these flush may trade a washout for rebound
08:54:10 am InvestorsLive: likely lot of baggies that will want to buy a dip
09:31:42 am InvestorsLive: LNCO LINE playing dips/bids/washouts long
09:36:55 am InvestorsLive: LINE nearing red/green
ENDP / MNK to me seems like no one wants to be involved with this sector right now - rightly so I think this can still unwind further than you think smart money is likely taking the risk off the table since the potential upside is not worth 30-50% + downside. Obviously MNK selling off more than ENDP so far but I've been trading pops on ENDP short and covering washouts waiting for the back side to confirm and scale in for possible unwind into close.
The trades on these should not be when it's obvious - you should not be shorting weakness or buying pops - WORK ON ENTRIES for example this was the MNK plan: