nmike
Short

FB weekly

BATS:FB   FACEBOOK INC
792 13 4
At 1, the RSI (7) was falling and a consolidation pattern broke to the downside. At 2 the RSI was rising and forming a positive divergence, the tall green candle was the confirmed long signal.The trend continued up and a consolidation continuation pattern formed at point 3 and price stayed above the 10MA. At 4, the RSI was overbought and formed a negative divergence at the same time that a consolidation pattern similar to the one at point 1 had formed, that was a signal to take profit. Price is now below the 10MA and just below resistance. If price can close back above it, it is likely that FB             will move back to previous high near term.


you think this is rock bottom?.. Going up big as soon as all the kids get out of school.
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Nice work with the RSI(7) !!!
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nmike MOD jmtbernardo
:)
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Held support, possible we still see 24's before end of May.
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...nice example of a bounce off weekly support and a resistance hit.
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Yes it was.......I hope you don't mind my sharing this clone test here.
snapshot
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nmike MOD littleriver
....don't mind at all, nice CLONING :D
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@huntingsniper....on daily frame https://www.tradingview.com/e/tKsDwZ8q/ FB is overall in up trend, higher highs, higher lows and Trix 10 above mid point. FB is sitting just above the 50 ma, a close below the 50 could see FB fall to last pivot low. On weekly frame we have a bearish candle pattern so far this week but still above 10 ma, close below 10 ma could see FB fall back to support line.
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>>>> weekly key support broken, RSI falling next likely target is the .618 Fib level
snapshot
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I watched FB dropping for the entire session - lacking the guts to jump in, and only watching its June 25 Put jumping from around 0.8 to 1.3. I knew its trend was down and near term target was around 24 for the session, but when talking about taking real action based on what i know, I have been ALWAYS hesitate and lacked the guts to pull the trigger. Have been like this for some time and kind of frustrated. Have you experienced similar mentality during your trading career?
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nmike MOD huntingsniper
@huntingsniper very much so, I could write a big book of what happened to me. The mental part of trading is very difficult to overcome for some traders especially if they have experienced large losses in the past. All I can say don't listen to analysts find a trading system that you are conformable with and follow it religiously. Nobody has a crystal ball and charts don't always give you true signals. But you don't have to win every trade, if you get 50% right and 50% wrong your doing O K as long as the losses are kept small and you let the winners run as long as possible.
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0.618 Fib (23.26) hit last week. I too thought it was an island reversal, but today's drop makes it unlikely. It seems that your 21 (mid of your clone on daily chart) target is the next stop
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nmike MOD huntingsniper
@huntingsniper I thought so too because it happened so close to CLONE boundary on the daily chart but if you look closely there was't any big spike in volume. Yes 21 also on the weekly Fibs if breaks the .618 level.
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