As I wrote in my NDX thread I am finding charts in weak position to short considering that there may be a market correction in the pipeline.
When a correction comes, weak charts will often move first and so it can be useful to get in early if you have an awareness.
If there isn't a market correction then no harm is done since the chart is already in a weak position.
CENT is a Nasdaq stock and so if the Nasdaq corrects then that bearishness can reflect into CENT chart.
I know that you're probably thinking that I can't short a garden and pet company but thats what i'm intending to do 😅.
Notice at the peak of the bounce was a gap-up-dump-down bearish momentum candle that prints the SRP shakeout through the 4 hour 50 moving average btw to complete the bounce retracement before the bearish trend reasserts.
Following that we have a gap down and another bearish momentum candle.
And now today there is a strange pre-market gap down followed by a gap up at the open which gives me an opportunity to enter a nice short
So there is a lot of bearish momentum and I think this signals another equidistant wave down to the 1:1 extension @ $43.75.
In entered at the open and its been turning bearish while I have written this / copied it across.
Not advice
When a correction comes, weak charts will often move first and so it can be useful to get in early if you have an awareness.
If there isn't a market correction then no harm is done since the chart is already in a weak position.
CENT is a Nasdaq stock and so if the Nasdaq corrects then that bearishness can reflect into CENT chart.
I know that you're probably thinking that I can't short a garden and pet company but thats what i'm intending to do 😅.
Notice at the peak of the bounce was a gap-up-dump-down bearish momentum candle that prints the SRP shakeout through the 4 hour 50 moving average btw to complete the bounce retracement before the bearish trend reasserts.
Following that we have a gap down and another bearish momentum candle.
And now today there is a strange pre-market gap down followed by a gap up at the open which gives me an opportunity to enter a nice short
So there is a lot of bearish momentum and I think this signals another equidistant wave down to the 1:1 extension @ $43.75.
In entered at the open and its been turning bearish while I have written this / copied it across.
Not advice
Note
Trade active
Note
After looking very bearish there has been considerable whipsaw coming in with another big gap up today.This is a show of strength and not what I was looking for so I will set my take profit to breakeven.
Hitting moving averages again as described in previous post is not a good sign.
Your FA guru can't read a chart💭
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
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.