📉
🔹 Asset: QuidelOrtho Corporation (NASDAQ: QDEL)
🔹 Timeframe: 30-Minute Chart
🔹 Setup Type: Rising Wedge Breakdown (Reversal Play)
📌 Trade Plan (Short Position)
✅ Entry Zone: Around $36.36 (Breakdown confirmation below wedge support)
✅ Stop-Loss (SL): Above $39.02 (Wedge invalidation / previous high)
🎯 Take Profit Targets
📌 TP1: $32.91 – First support zone
📌 TP2: $29.62 – Gap-fill and major support
📊 Risk-Reward Calculation
📉 Risk: $39.02 - $36.36 = $2.66
📈 Reward to TP1: $36.36 - $32.91 = $3.45 → R/R = 1:1.3
📈 Reward to TP2: $36.36 - $29.62 = $6.74 → R/R = 1:2.53 ✅
🔍 Technical Highlights
📌 Rising wedge breakdown with rejection at top
📌 Strong prior gap-up now looks overextended
📌 Bearish confirmation candle forming near resistance
📌 Weak volume follow-up suggests fading strength
📈 Execution Strategy
📊 Enter on breakdown candle below $36.36
📉 Place SL above $39.02 to protect against fakeouts
💰 TP1 at $32.91, trail to TP2 at $29.62
🚨 Invalidation Risk
❌ Break and hold above $39.02 invalidates short thesis
❌ Strong volume push upward = re-evaluate
🚀 Final Take
✔ Classic reversal pattern after vertical move
✔ Favorable R:R with clean breakdown structure
✔ Stay disciplined, trade the confirmation, not emotion!
🔹 Asset: QuidelOrtho Corporation (NASDAQ: QDEL)
🔹 Timeframe: 30-Minute Chart
🔹 Setup Type: Rising Wedge Breakdown (Reversal Play)
📌 Trade Plan (Short Position)
✅ Entry Zone: Around $36.36 (Breakdown confirmation below wedge support)
✅ Stop-Loss (SL): Above $39.02 (Wedge invalidation / previous high)
🎯 Take Profit Targets
📌 TP1: $32.91 – First support zone
📌 TP2: $29.62 – Gap-fill and major support
📊 Risk-Reward Calculation
📉 Risk: $39.02 - $36.36 = $2.66
📈 Reward to TP1: $36.36 - $32.91 = $3.45 → R/R = 1:1.3
📈 Reward to TP2: $36.36 - $29.62 = $6.74 → R/R = 1:2.53 ✅
🔍 Technical Highlights
📌 Rising wedge breakdown with rejection at top
📌 Strong prior gap-up now looks overextended
📌 Bearish confirmation candle forming near resistance
📌 Weak volume follow-up suggests fading strength
📈 Execution Strategy
📊 Enter on breakdown candle below $36.36
📉 Place SL above $39.02 to protect against fakeouts
💰 TP1 at $32.91, trail to TP2 at $29.62
🚨 Invalidation Risk
❌ Break and hold above $39.02 invalidates short thesis
❌ Strong volume push upward = re-evaluate
🚀 Final Take
✔ Classic reversal pattern after vertical move
✔ Favorable R:R with clean breakdown structure
✔ Stay disciplined, trade the confirmation, not emotion!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.