My trade idea was wrong. I thought it would go up instead of peaking and then coming back down once again. So I am going with the trend. It appears to be a triangle on the downside once again. Trade is invalidated at $14 and above closing. Take profit at $12.70.
$14 - $13.79 = $0.21 x 1,000 shares = $210 + $20 comm = $230
$13.79 - $12.70 = $1.09 x 1,000 shares = $1,090 - $20 comm = $1,070
R/R: $1,070 / $230 = 4.65R
Time horizon: a few weeks assuming earnings does not blow me out of the water.
Earnings was released. AMD exceeded earnings estimate by 0.01 (diluted EPS $0.10). However, though they beat earnings, they reduced the outlook by 15% for Q4/17 +/- 3%. Stock plummeted initially below $13. It has now bounched back slightly to $13.50. Earnings conference call at 5pm. Tomorrow, I will see how the stock reacts and either close for a profit or loss.