ThinkingAntsOk

Stock of the Day / CGC

Long
NYSE:CGC   None
Today we have a long setup to share. As we are used to we will start by sharing the Macro view and then we will explain the 4hs chart

a) Weekly Chart: The price bounced from a clear Support / Resistance level tested from both sides

b) On the 4HS chart we can see a broken descending trendline + a clear corrective structure supported on the weekly level

c) The corrective structure is an ABC pattern which is considered a continuation structure

d) We have set our Orders as you can see on the chart. We will move our stop loss to break-even when the price reaches the yellow horizontal line

e) On this setup we will risk 1% of our capital and we expect to win 1.8%

f) We will cancel the setup IF the price goes below C

g) Remember: Trade safe, protect your capital, and always understand what you are doing!
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Comments

great technical setup and overview. appreciate it!
+1 Reply
Thanks - so are you saying it wont break the upper descending trendline and stop at $32? Could it break the golden pocket at $37?
Reply
@psbassin, Hi! Of course the trendline can be broken. But since our position is already in good profit prior to that area, we decided not to mantain the exposure at that moment. If the trendline is broken, we will then look for another bullish setup.
+1 Reply
psbassin ThinkingAntsOk
@ThinkingAntsOk, thanks!
Reply
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