I personally do not use facebook I see a short on this stock, funda-metally its seen nothing but bad news, surprising people are not more against this software...lest I digress... Technically, I see a shooting star on the daily, price has built up to a previous support level, now resistance "change of polarity", True MACD has presented. RSI is approaching overbought. Price action has hit the daily Bollinger Band and a second resistance pivot. All this price action has built out a nice flag on the weekly chart (not shown), I would be looking to short this at its current level at market open and ride it down to the 200 daily EMA, I would start taking profits around that area leaving some exposure for potentially more downside while my stop would be a breakeven. That's it, that's all. 1% risk, 2:1RR - Happy Trading!
Comment:
This stock gapped up at open, It failed to break resistance of the shootings star. and has presented another shooting star on the 4 hour chart...technical signs pointing to a correction. I am not in this trade currently, I may look at it closer to close today.
Trade active:
Well, we will see what next week holds, this trade is very close to my designated stop area.
Trade closed: stop reached
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.