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!

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.