Happy 4th to all you Americans! Hoping this short will work out, technicals are looking good. I have a
GOOG
short coming in, here are the entries and exits for my positions followed by my rationale.
Entry: 128.61
TP1: 124
TP2: 120.05
TP3: 116.5
TP4: 113.37
Rationale:
1) Volume slowing: On the Weekly TF, the volume has significantly slowed down showing a lack of buyer conviction
2) Momentum is... good? Momentum for now is about 54 showing a sign for Buys yet, when cross compared to other indicators and liquidities, it paints a far different story.
3) Divergence: On D TF there is clear bearish divergence.
4) Wyckoff Distribution: Thus far, I am identifying the recent low as a ST MSOW, major show of weakness. A strong lack of conviction to move into higher regions. I expect a small bounce as last point of resistance but a short in inevitable.
Strong feeling about this call! Technicals look right to me, lets print boys.
GOOG
short coming in, here are the entries and exits for my positions followed by my rationale. Entry: 128.61
TP1: 124
TP2: 120.05
TP3: 116.5
TP4: 113.37
Rationale:
1) Volume slowing: On the Weekly TF, the volume has significantly slowed down showing a lack of buyer conviction
2) Momentum is... good? Momentum for now is about 54 showing a sign for Buys yet, when cross compared to other indicators and liquidities, it paints a far different story.
3) Divergence: On D TF there is clear bearish divergence.
4) Wyckoff Distribution: Thus far, I am identifying the recent low as a ST MSOW, major show of weakness. A strong lack of conviction to move into higher regions. I expect a small bounce as last point of resistance but a short in inevitable.
Strong feeling about this call! Technicals look right to me, lets print boys.
Comment:
Once again, ENTRIES ARE OFF!!! TA was right but, damn. Feeling not too nice right now after missing all these entries despite the right direction. Nonetheless, we move.