Good afternoon everyone,
Facebook is presenting not the best long setup, no it doesnt.
However what got my attention is the current no volume down waves its presenting, show us there is lack of selling pressure on this stock.
On the H4 chart we can see price is almost overbought and near some recent resistance level therefore is not the best option to trigger a long position now.
I'll just wait for a retest of the middle of the big channel (left chart) and 50 weekly EMA, if price reject it can be a good opportunity to long aiming 190 with S.L around 145 zone, good RxR opportunity IF it presents itself.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Facebook is presenting not the best long setup, no it doesnt.
However what got my attention is the current no volume down waves its presenting, show us there is lack of selling pressure on this stock.
On the H4 chart we can see price is almost overbought and near some recent resistance level therefore is not the best option to trigger a long position now.
I'll just wait for a retest of the middle of the big channel (left chart) and 50 weekly EMA, if price reject it can be a good opportunity to long aiming 190 with S.L around 145 zone, good RxR opportunity IF it presents itself.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment:
Now its important to wait and keep a close look to price action before rush buying, actual candle looks like a good rejection, but lets wait it to close at least =)
Comment:
What we have now is lack of DEMAND as we can see on the previous green bar on daily chart (too little volume)
There is no long opportunity so far, only watching.
There is no long opportunity so far, only watching.
Comment:
rejected H4 200 sma, looking good.
Comment:
Ok now price action is looking weak, definetly not opening any long yet.
Last green H4 candle show clear no demand (low volume) and the next red candle looks like a bull trap.
As i've said, not the best setup here, just wait and watch for now is the best strategy here.
Last green H4 candle show clear no demand (low volume) and the next red candle looks like a bull trap.
As i've said, not the best setup here, just wait and watch for now is the best strategy here.
Comment:
Overall we have some small signs of strenght now, looks like there still not much suplly around this demarcated zone, but im really cautious about this stock right now i'll just watch.