Keeping a close eye on the current structure with Disney at the moment, I have been a long term trader/investor with Disney for a while and its served me well how ever reduced position over the march push as the amrkets seemed a little cooked and been waiting to reenter and start pyramiding orders again.
Pretty clear H&S forming on the daily right now and a large gap between the current formation and the structure from mid to late 2020, not to mention price chopping below the 100 day EMA
A break down of this formation and support level could see fairly sharp price action between these price points and a much better entry (Im not trading options just spot)
The other possibility is we bounce on this neckline, crack the right shoulder and continue the current macro bull whilst the fed continues to print bills into QE which should see the markets artificially move with it.
Ill be keeping a close eye on the volume and candle formation over the next week looking for signs of bulls entering here, an increase of volume, coupled with maybe a morning start close to this support could be enough to give me a the confirmation to take the entry...how ever ill be cutting losses early if its quickly met with a break down or volume diminishes straight after my entry.
The key here is conviction, I need volume to back up my decision or im out and waiting for a lower entry back around 152 or even lower as that sell off could trigger a considerable down trend.
Give it a few more days either we stay invested with disney or shelf it on the watch list for a few months lol
Pretty clear H&S forming on the daily right now and a large gap between the current formation and the structure from mid to late 2020, not to mention price chopping below the 100 day EMA
A break down of this formation and support level could see fairly sharp price action between these price points and a much better entry (Im not trading options just spot)
The other possibility is we bounce on this neckline, crack the right shoulder and continue the current macro bull whilst the fed continues to print bills into QE which should see the markets artificially move with it.
Ill be keeping a close eye on the volume and candle formation over the next week looking for signs of bulls entering here, an increase of volume, coupled with maybe a morning start close to this support could be enough to give me a the confirmation to take the entry...how ever ill be cutting losses early if its quickly met with a break down or volume diminishes straight after my entry.
The key here is conviction, I need volume to back up my decision or im out and waiting for a lower entry back around 152 or even lower as that sell off could trigger a considerable down trend.
Give it a few more days either we stay invested with disney or shelf it on the watch list for a few months lol
Comment:
good move over night towards the top of this descending range still not the participation from volume i was hoping for so lets see what it can do tomorrow if it can break this level or if we are going to get pushed back down into a squeeze
Trade active:
jobs on
Trade active:
clean break now, expecting more upside tonight (im in australia) good week results anyway