Today’s Trade Setup For IBM

Looking for IBM to continue to bounce off the Ichimoku cloud. Yesterday was a perfect bounce off the cloud and I am looking at this closely to continue to the up side. IBM needs to break the Monthly PP Pivot of $190.04 and Friday’s high of $190.33 to continue this uptrend and the support will be the break of the lower part of the cloud $187.82.

How I will be playing this is watching the first 5 min candle and seeing if IBM can break the 5 min opening range. If IBM break the 5 min opening range I will be looking to buy the $187.5 or the $190 OCT weekly calls and if its above the resistance point next point of resistance is $191.56. Not sure how to trade the 5 min opening range? Join our email list and contact us and we can go over these style of trades.

As always trade at your own risk and trade save,

LT