After a long period of consolidation the technical picture for Admiral Insurance started to line up with our expectations of an earnings beat.
We waited for price to breakout of its trading range and retrace to market support before looking for trade positioning on the daily time fame.
We used a bracket set up on the daily time frame for trade positioning that represented a potentially good reward to risk.
As expected the market continued to move higher triggering our trade live and moving swiftly to 1st target (100% return). At this point we moved our stop to a new technical stop location to lock in 96% of the trade risk.
As price continued to move higher we again tightened our stop location to lock in the full trade risk and a small profit.
Eventually on earnings day Admiral beat expectations and the stock price jumped higher on the open.
Price continued to consolidate for the next couple of days and was still extended, expecting a technical retracement we closed out our positions booking a +300% return.
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