.618 conveniently lines up with a fairly major gap on the daily.
I've personally got long-dated puts on TLRY, ACB, FORD and RIG.
Be careful as a buyer here.
I've personally got long-dated puts on TLRY, ACB, FORD and RIG.
Be careful as a buyer here.
Comment:
Gap filled.
What next?
My biggest play at the moment is a big $3.5 put on TLRY dated a good few months out. Next time I think I'm going to aim for ITM puts though because admittedly, seeing price on TLRY fall from $11 to $3.5 doesn't exactly have the highest chance.
Maybe I really am too risky to be trying to make this a career path but from $2.53 to $11 in a matter of a few months tells me a few things.
First of all, reaccumulation for price suppression.
Secondly, at least in my state, Marijuana legalization is still a fairly long way off. Plenty of time to rek people who think the trend has changed.
Third, the R:R for a short on something that rose that high that fast is way worth it, IMO.
That in conjunction with the fact that DJI is now at the .618 of the drop from March..
Still very new in stockw, Bitcoin is usually my thing so we will see how it plays out.
What next?
My biggest play at the moment is a big $3.5 put on TLRY dated a good few months out. Next time I think I'm going to aim for ITM puts though because admittedly, seeing price on TLRY fall from $11 to $3.5 doesn't exactly have the highest chance.
Maybe I really am too risky to be trying to make this a career path but from $2.53 to $11 in a matter of a few months tells me a few things.
First of all, reaccumulation for price suppression.
Secondly, at least in my state, Marijuana legalization is still a fairly long way off. Plenty of time to rek people who think the trend has changed.
Third, the R:R for a short on something that rose that high that fast is way worth it, IMO.
That in conjunction with the fact that DJI is now at the .618 of the drop from March..
Still very new in stockw, Bitcoin is usually my thing so we will see how it plays out.
Comment:
Sigh
Sigh
Comment:
This is just entirely speculative, so take this with a grain of salt, BUT..
I noticed the very sideways movement that started mid April and it looked to me like a mini HS that really wanted to break down but was prevented by JPOW's brrrrrrrt machine. Now, there is a potentially much larger HS at play- the neckline of which coincidentally lines up with the 50% retrace of the move from bottom to top. The smaller HS which may now be a left shoulder likely didn't break down because there was still a lot of FOMO left from the insane volatility that hit after the March drop. Psychologically, people were inclined to buy buy buy, especially with news of the FED injecting so much freshly printed money.
At the moment, a lot of reports are coming in from places like Florida and Texas that show spikes in the amount of confirmed cases for Covid. This all said; IN MY OPINION, the charts, protests, and the fact that a few businesses are now taking extra time to open up are telling me we could see some serious downside. Add to that fact the FOMO from the downside has clearly subsided. So what do we have now? A perfect recipe for FOMO to the downside. Especially when you consider this website:
robintrack.net/leaderboard
This website shows the amount of users on Robinhood holding a given stock. As of right now, Ford is in the lead, with GE, and AAL being next in line. Ford has had a lot of not-so-great news lately, GE's chart shows a giant HS itself, seen here:
AND WHAT DO YOU KNOW!?
GE shows the same thing.
Let's take a look at the Bitcoin of US stocks: Apple!
Hmm.
I've been thinking we higher low, I really do not see a lower low at this point unless there is the '2nd wave' of Corona that the Government is trying to push the narrative for. Admittedly, that scenario is very likely considering States now reporting spikes in cases. The protests caused a LOT of people to get VERY close together. Tear gas caused a lot of people to COUGH.
Just beware. Today is a 'quad witching' event in stocks, the last event being on March 20th? I believe. Last time it was basically a nothingburger, but today has the potential to have a very extreme selloff toward the end of day.
One last thing.
Today, we gapped up to the exact point of prior support for a bit of a janky bearish wedge I spotted fairly early on in the chart. Beware. This dump could be a fakeout, but I'm betting not..
I noticed the very sideways movement that started mid April and it looked to me like a mini HS that really wanted to break down but was prevented by JPOW's brrrrrrrt machine. Now, there is a potentially much larger HS at play- the neckline of which coincidentally lines up with the 50% retrace of the move from bottom to top. The smaller HS which may now be a left shoulder likely didn't break down because there was still a lot of FOMO left from the insane volatility that hit after the March drop. Psychologically, people were inclined to buy buy buy, especially with news of the FED injecting so much freshly printed money.
At the moment, a lot of reports are coming in from places like Florida and Texas that show spikes in the amount of confirmed cases for Covid. This all said; IN MY OPINION, the charts, protests, and the fact that a few businesses are now taking extra time to open up are telling me we could see some serious downside. Add to that fact the FOMO from the downside has clearly subsided. So what do we have now? A perfect recipe for FOMO to the downside. Especially when you consider this website:
robintrack.net/leaderboard
This website shows the amount of users on Robinhood holding a given stock. As of right now, Ford is in the lead, with GE, and AAL being next in line. Ford has had a lot of not-so-great news lately, GE's chart shows a giant HS itself, seen here:
AND WHAT DO YOU KNOW!?
Let's take a look at the Bitcoin of US stocks: Apple!
Hmm.
I've been thinking we higher low, I really do not see a lower low at this point unless there is the '2nd wave' of Corona that the Government is trying to push the narrative for. Admittedly, that scenario is very likely considering States now reporting spikes in cases. The protests caused a LOT of people to get VERY close together. Tear gas caused a lot of people to COUGH.
Just beware. Today is a 'quad witching' event in stocks, the last event being on March 20th? I believe. Last time it was basically a nothingburger, but today has the potential to have a very extreme selloff toward the end of day.
One last thing.
Today, we gapped up to the exact point of prior support for a bit of a janky bearish wedge I spotted fairly early on in the chart. Beware. This dump could be a fakeout, but I'm betting not..
Comment:
Ford* shows the same thing.
According to my amateurnalysis, we have technically now rejected re-entry back into a bearish wedge TWICE on smaller time frames.
If this is a fakeout, it is a very elaborate one, I'll tell ya that much.
Daily 200 MA so far holding.
We'll see.
According to my amateurnalysis, we have technically now rejected re-entry back into a bearish wedge TWICE on smaller time frames.
If this is a fakeout, it is a very elaborate one, I'll tell ya that much.
Daily 200 MA so far holding.
We'll see.
www.wcvb.com/article...ay-may-2020/32674196