The original entry after a bullish pinbar was formed on 12 Oct was unfortunately very short-lived. I had meant to take partial profits before it's earnings release on 25th Oct but alas it managed to climb only about 6% before it got slammed down on 2 days before earnings was due in the wake of poor performance by SNAP. I was stopped out eventually due to all the additional negatively surround the company last week.
However, after settling at a low of $308 on 26 Oct ($4 shy of strong horizontal support zone), FB started to rebound and a bullish divergence became apparent by 27 Oct. There was also some follow through in the high volume as it rebounded for a 2nd day on 28th Oct.
I will give this trade another go with initial stop loss $1 below it's recent low of $308.11. Scaled out partially between $340-$350 and hope to ride it towards $380 with trailing stops. Perhaps a name change to META will allow it to start on a fresh slate? (just kidding!)
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
However, after settling at a low of $308 on 26 Oct ($4 shy of strong horizontal support zone), FB started to rebound and a bullish divergence became apparent by 27 Oct. There was also some follow through in the high volume as it rebounded for a 2nd day on 28th Oct.
I will give this trade another go with initial stop loss $1 below it's recent low of $308.11. Scaled out partially between $340-$350 and hope to ride it towards $380 with trailing stops. Perhaps a name change to META will allow it to start on a fresh slate? (just kidding!)
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)