$BABA -chart request see text for my opinion
I am not counting this whole thing - and quite frankly I will sit this one out for now. My bid will be waiting at 100 until I see this thing break the Down trendline (red).
Notice here BABA had the falling wedge breakout (yes I got tricked as well). I went long on that signal just to get nuked and lose my gains on ER which happened to be downtrend line rejection.
So what now??? We are currently in a demand zone and it may mark the bottom - but I would rather put my $$ to better use until this thing actually breaks out, so my opinion is that I would alert that TL and not buy in until it breaks out - and successfully retests the breakout!! I am not prematurely buying this guy here.
Anyway - enough rambling - demand zone here is until about 130 - if 130 breaks then next demand zone starts at 120 - so it likely loses 10 pts quick. That demand zone is big 100-120 - like I said I would BTD at 100 because at that point its worth the risk IMO even without the breakout (at least for a swing)
After that ER breakdown I do not see this as a trade that I would take - but I wish all of those in it the best
Notice here BABA had the falling wedge breakout (yes I got tricked as well). I went long on that signal just to get nuked and lose my gains on ER which happened to be downtrend line rejection.
So what now??? We are currently in a demand zone and it may mark the bottom - but I would rather put my $$ to better use until this thing actually breaks out, so my opinion is that I would alert that TL and not buy in until it breaks out - and successfully retests the breakout!! I am not prematurely buying this guy here.
Anyway - enough rambling - demand zone here is until about 130 - if 130 breaks then next demand zone starts at 120 - so it likely loses 10 pts quick. That demand zone is big 100-120 - like I said I would BTD at 100 because at that point its worth the risk IMO even without the breakout (at least for a swing)
After that ER breakdown I do not see this as a trade that I would take - but I wish all of those in it the best