2021 Two green weeks mid Jan.’21 sent price flying from 9.75 to high of about 120.65. Since then, GME has done nothing but make a series of Lower Highs into Support area @ 37.95-45.55. These Lower highs into support area displayed the weak buyer pressure by bulls. A bearish Descending Triangle was formed. After 10 months of failing to break a high, in Nov.’21 Bulls did the unexpected and “broke out” of the Triangle looking to continue the previous up-move. This “Breakout” was short lived as the pressure from the sellers overwhelmed the buyers. Price was shot back down below Triangle breakout point. The “breakout” move was deemed a “False breakout/Price rejection”. In Dec.’21, the false breakout was followed by price breaking down below Support area @ 37.95-45.55 and the 50 ema. This is the 1st time since Aug.’20 that price falls below and lost Support of 50ema.
All of 2021 was spent by the Bulls/Buyers trying to fight off the Bear/seller pressure and trying to stay above Support area @ 37.95-45.55 and the 50 ema. They were systematically broken down and eventually overwhelmed and conquer by the Bears/Sellers.
2022 After breaking down from Support area @ 37.95-45.55 and the 50 ema, by end of Jan.’22 price made a Lower Low and found new Support @ 22.20. From Support @ 22.20, price bounced are looked to break back above Support area @ 37.95-45.55 and the 50 ema. Price failed to stay above previous Support and was rejected back down to 22.20. Support area @ 37.95-45.55 and the 50 ema were turned into Resistance area/level. Price bounced one move time from Support @ 22.20 to Support turned Resistance area @ 37.95-45.55. We have a Price rejection pattern here. This is cue to enter trade short.
The Bulls/Buyers have spent all of 2022 moving sideways between new Lower Low/Support level @ 22.20 and previous Support turned Resistance area @ 37.95-45.55 and the 50ema.
After a hot 2 weeks in Jan.’21 that saw price fly from 9.75 to 120.65, GME has now spent 81weeks moving side-ways with the Bears/sellers systematically breaking down the Bulls/Buyers. Now with the 2nd price rejection @ Resistance area @ 37.95-45.55 and the 50ema, Bears will look to move price back down to Support @ 22.20 and then breakdown to Support area @ 9.75.
Why hasn’t #Wallstreetbets put their powers together again and save the bleeding out GME bag holding fanboys still talking about “going to the moon”? Sad to see them let the fanboys over @ AMC get cooked earlier this week.
With extreme bear conditions and price siting at “area of value”, I will be entering trade short.
Short term trade Entry: 33.53 Stop loss: 22.20(-22.98%) Target: 22.20, +33.93%, +1.48 RR ratio
Long term trade Entry: 33.53 Stop loss: 52.50(-56.76%) Target: 10.00, +70.14%, +1.24 RR ratio
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Pretty clear and straight forward. this garbage on a land slide
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this idea would've had 500 "likes" had it been a "Long" idea and a failed one. So far so good, we should bee hitting the short terms target soon
Trade closed: target reached
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Target#1 : 22.20, +33.93%, +1.48 RR ratio
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this gets destroyed at earnings
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gotta love the slide
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this one has aged so right and the fanboys hated me for it. Just a little over $2 to reach long term target and 70% gain. In all, 100% gain
Your back! I'm glad, I was worried you were working back at Wendies having lost all your pennies with all the stop losses you had triggered!
Excellent FUD once again.
rudcharts
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@drizztsg, When Im out here winning 75+% of my trades, some get coughed up to stop losses. 81weeks lmao. If im a Wendys, youre at Popeyes at this point 🤣😂🤣😂🤡🤡.
rudcharts
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@drizztsg, LOL @ FUD! For how much longer can this garbage do nothing and you continue to think anything "short" is "FUD"
@drizztsg, why so quiet? 😂🤡😘 you only how up on green days
martexx
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My prediction based on the last couple of earnings: Price will artificially drop pre earnings (artificiality because there is no volume) Small spike week after earnings. Retail keeps drsing At one point there won't be shares left to short
rudcharts
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@martexx, 😂😂😂😂 im assuming youre one of these guys that thinks this garbage will go up again? 🤦♂️🤡
martexx
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@rudcharts, i have no way of knowing if smth goes up or down.1.5 years ago it was suposed to go tot zero. It didn't. It went up to 350 and back down. So I can't say what happens. I did buy some stock. U can call it garbage, u might be right. However I think that the conversion to a tech company might bare fruit. There is no way of knowing that right now, except reviewing their plans, actions and a bit of faith. Not unlike any other investment. Looking at the tone of your reply makes it likely u won't agree, and that's fine. People will make different assessments based on what they (think they) know.
For me .... Well the worst that can happen is that I own the stock. Its impossible for GameStop to reach zero, so I would end up with a few shares with a low value. 🤷♂️ Or the turn around is a success and I'll be able to invest some more.
rudcharts
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@martexx, you want to be a good investor? The 1st thing you need to learn is how to cut your losses.
"For me .... Well the worst that can happen is that I own the stock. Its impossible for GameStop to reach zero, so I would end up with a few shares with a low value." Lol the worst thing that would happen to you is an enormous loss.
As the great Larry Hite once said "I have two basic rules about winning in trading as well as in life: 1) if you dont bet, you cant win. 2)if you lose all your chips, you cant bet."
Now go do the math and see how much it takes to comeback from +50% loss on a trade lol
martexx
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@rudcharts, u don't know anything of my results. If i would have invested 10k in gme and I am fine risking that that really up to me and my risk appetite. If I see a value that u don't see our perceptions differentiate. There are plenty of people that "missed" great opportunities. It will always be like that. There are 2 possible outcomes. One is that I hang the stock certs on my wall as a reminder of how I was wrong on this trade. That's fine, its an absorbed loss, they will keep some value as zero is no longer an option.
Or I'll have a nice return on them.
Both options are fine by me, as this situation is amusing and somewhat unique, I'm glad to be invested in it.
I do not claim to know the future, I just see a company that is "getting" web3 in a way I have not seen anywhere else. That may create awesome opportunities.
Not getting that is fine. Many people did not went to invest in an car company, failing to understand that Tesla is a tech company with access to unique data points. And they also missed it.
Nobody knew before what would be the result.
But lets just see, u can be a bully, its fine. I deal with boys like that all the time, not impressed at all. If u had a valid argument u would have posted it already.
And honestly I would probably not care as I view gamestop differently then you do.
Excellent FUD once again.