TradeCobra

Facebook Searching For New Support! (FB)

NASDAQ:FB   FACEBOOK INC
I had a request from a follower earlier today to review facebook stock, let's have a look 😁

We are traveling in a clear controlled parallel channel to the upside from the recovery of the massive selloff.
12hr and up are all firing green and now breaching the past the 232$ old Resistance and trying to turn it into new support. (Horizontal support)
We are also turning for a push off the upward channel support.
I like that it did push for the highs.
All indicators are from the ema dots and the Crossover strategy are shooting green!
Your next breakout level will be 237.51, a push up we will travel to the top of the channel.

When the candle compresses and fires red with the ema dots indicator that's where we will look for a sell at the top of the channels Resistance or a break out of the parallel upward channel through the bottom of support.

For now it looks good to continue to sit on.

We will see how strong the old Resistance becomes for a potential new support.
If channel were to break and drop below 223.14 we would then look for a short on a distribution play.

Best of luck to you, have a blessed day!

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🥇MLT | PRO TRADERS
Comment: caution . Midpoint. Play breakouts
Comment: starting to exit channel. 223.14 is support for now. Play breakout

Comments

Is the video on how your using the mult-timeframe dots. How do i purchase? gregg@photonicare.com
+1 Reply
On the 12 hour time frame you are using, what made you decide to use that time frame? What is this time frame most useful for say, in the number of days you would be holding a long position, or is it more for day trading? Thanks
+1 Reply
TradeCobra Lance_Jepsen
@Lance_Jepsen, hey guerrilla great question. When I first look at a chart I like to zoom out so initially I looked st this on the weekly and the 3 day to see how the big picture was moving as the are shooting green engulfing so I see bull pressure. What my interest to go to a timeframe like this was to identify the channel for support and Resistance and to pay attention to the horizontal old Resistance that we rejected off of and pushed back up off of.

The lower timeframe will help me see a channel break or a channel bounce to get earlier confirmation on a long or short
Reply
Lance_Jepsen TradeCobra
@TradeCobra, Awesome. Okay, need more practice at this but I get what you are saying. I did something similar today when taking an entry in FAS. The weekly time frame on FAS looks sweet but to better time my entry, I dropped it down to the 3 minute and saw red falling crossover system candles with 3 dots red for sell, in a down channel. I waited it out until the selling pressure eased a bit then took the long entry when it swung back to 3 dot greens and the down channel was broken above. My entry was much better than it would have been had I just bought from the weekly time frame. Do you have a favorite time frame for seeing channel support and resistance or do you just cycle through all available time frames until you see a clear channel pattern emerge?
+1 Reply
TradeCobra Lance_Jepsen
@Lance_Jepsen, ok see. 3 minute is way too small.
Reply
TradeCobra Lance_Jepsen
@Lance_Jepsen, if you going to swing the weekly you going to look for entry on something like the 3 day. If you are going to trade the daily look for like the 12 hour timeframe. I like to cut the time frame in half for earlier entry. Find dojis on bigger timeframe than drop in half for entry and set stoploss. If you're going to trade in the minute timeframes you gotta get In and get out quick. Those are for quick daytrades
Reply
TradeCobra Lance_Jepsen
@Lance_Jepsen, to find channels just depends on how long of a trade you are trying to play. Like my gopro, new gold and zion trades took 2 months to run and I bought those off the weekly time frames.
Reply
TradeCobra Lance_Jepsen
@Lance_Jepsen, you have to determine what kind of trader you want to be. Do you want to daytrade or do you want to swing trade.then stick to that plan and a core set of timeframes till you master that segment. I can adapt to all because I've been doing this for so long
Reply
Lance_Jepsen TradeCobra
@TradeCobra, Got it. I like the cut the time frame in half rule as it's easy to memorize. Yeah, I can see how it gets easier to adapt the more you experience you have. For example, I did better on my FAS entry today by dropping down time frame to better time my entry BUT the time frame was too short and so I got headfaked on the entry and FAS took a leg lower. We're not talking about a huge amount of money but, entering as close as possible to the day's low is better. I dropped the time frame a bit too far down to better time my entry and it worked, but I could have done better. Thanks.
+1 Reply
TradeCobra Lance_Jepsen
@Lance_Jepsen, so since the big timeframe has been green, we would go to a smaller timeframe to try and find a support level to play or a breakout above the most recent Resistance for proper entry
Reply
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