Ok... So you missed your chance at GME down at $40, and you're the average retail trader experiencing FOMO....... You're looking at it and thinking, this thing is going to moon tomorrow and I don't want to miss my chance.
So you're probably going to enter in tomorrow at like $200.... (If it stays that price after pre-market trading)... And price does what it always does when people are greedy and think they're missing out on a stock that just climbed over 100% in a day.
I can't guarantee you a re-entry in the $75-$115 price range... But IF you're a smart trader, you wait for the best opportunity, you don't just go in blindly and likely get slaughtered. You're patient... You wait. You don't just impulsively buy into this.
Where are the best re-entry points, and why did I pick that range?
The $115 price is where the bottom of our larger trading range is, and is a prime candidate for price to retest to... BUT, if you have good eyes, you also picked out that another trading range within a trading range developed in the large timeframe's SOW.
What Wyckoff's work tells us is that price will tend to re-test the top of a trading range it just broke out of.
My $100-$75 estimate lies within the fact that sometimes the retrace goes deep, and it can even break slightly into the trading range to weed out suckers like you that are buying up top like many people will tomorrow. Not realizing, that buying into something that just pumped over 100% in a day is NOT a smart idea.
We will be looking for a new range to develop within a trading range, and this SHOULD test the top of that trading range (yellow) we just broke out of.
Keep in mind, that on a bigger timeframe, we are operating WITHIN the GREEN trading range structure.
Hope this helps.
So you're probably going to enter in tomorrow at like $200.... (If it stays that price after pre-market trading)... And price does what it always does when people are greedy and think they're missing out on a stock that just climbed over 100% in a day.
I can't guarantee you a re-entry in the $75-$115 price range... But IF you're a smart trader, you wait for the best opportunity, you don't just go in blindly and likely get slaughtered. You're patient... You wait. You don't just impulsively buy into this.
Where are the best re-entry points, and why did I pick that range?
The $115 price is where the bottom of our larger trading range is, and is a prime candidate for price to retest to... BUT, if you have good eyes, you also picked out that another trading range within a trading range developed in the large timeframe's SOW.
What Wyckoff's work tells us is that price will tend to re-test the top of a trading range it just broke out of.
My $100-$75 estimate lies within the fact that sometimes the retrace goes deep, and it can even break slightly into the trading range to weed out suckers like you that are buying up top like many people will tomorrow. Not realizing, that buying into something that just pumped over 100% in a day is NOT a smart idea.
We will be looking for a new range to develop within a trading range, and this SHOULD test the top of that trading range (yellow) we just broke out of.
Keep in mind, that on a bigger timeframe, we are operating WITHIN the GREEN trading range structure.
Hope this helps.
Comment:
Comment:
One other thing to keep in mind: Wyckoff structures within a trading range are FLUID. I cannot predict that there is absolutely no chance of a Spring happening from the larger timeframe trading range IF we fail from the retest of the top of the yellow smaller timeframe trading range.
VOLUME WILL TELL US THE CLUES
VOLUME WILL TELL US THE CLUES
We could see GME in the $250 price range before the retrace back down...