Stoic-Trader

Wait, what? Is $GME actually forming a pattern?

Long
NYSE:GME   GAMESTOP CORPORATION
Looks like GME´s dust maybe won´t settle so soon (I really doubted that it would hold any price above 100).

But, let´s not question the market, let´s trade it. Maybe I´ll take a quick trade after a bullish daily candle, or will wait for the triangle to be broken.

Comments

Cohen is chairman, talks of crypto and nft's. Bullish af
+2 Reply
Breakouts happen typically at 2/3 of a triangle to be bullish.... this a pattern, but it screams bearish. Going to sub 100.
+2 Reply
@TheJoeG, ummmm someone is forgetting about the 3 year btc chart
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TheJoeG mushroommilitia01
@mushroommilitia01, talking probabilities here
Reply
hourly is also at historical oversold bounce levels (ext off) wouldnt be surprised to see a reaction here with all the confluence.
+2 Reply
Stoic-Trader Natestradamus
@Natestradamus, in fact, there are several arguments for a bounce from current levels... I have been resisting to put any money on GME, but now I'm really tempted to place a buy order @ 187 ;)
+3 Reply
Legalizedhustler Stoic-Trader
@Stoic-Trader,
That would be a good play. Since best bounce I'm seeing is to 180 range but could "spike" to 225.00 range and pull right back down. Its fun to watch
Nice chart. 👍
Reply
Yes but how effective are the technicals really in the case of a stock like GME? Meaning when you're dealing with a mania, based on the predicate that what happened in the past will happen again, yet the underlying causes no longer exist. For example, with no possible squeeze in sight, since the shorts have less than 2 hours time needed to exit their positions, will we really see anything more than a dead cat bounce?
+1 Reply
@EyesWide, great point... I'm definitely not putting any serious money on this stock.

BUT... technicals are not magic, they are just a representation of mass investor psychology. Even amidst the chaos/hype/mania, each ABC pattern after the Jan 28th high had a 161,8% extension. One could've made great profit just trading long and short ABC patterns on very predictable extension levels (I didn't, unfortunately).

I have no idea if there would be a catalyst to push GME to new highs again... if the bottom trendline of the triangle breaks, it could surely be a dead cat bounce... let's wait for price action to give us more clues :)
+1 Reply
mushroommilitia01 Stoic-Trader
@Stoic-Trader, why looks just like btc did
Reply
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