2use
Short

GoPro - time to go low, or lower

NASDAQ:GPRO   GOPRO INC
Noted some negative divergence on the tops of CCI and RSI and MACD turning to a downward trend (same happened in NAS             and SP             and they are down 5% now). Should be getting lower from here..but it has a magical bull force that kept it up 100% with no ERs so who knows - maybe bulls will keep it up amidst the whole market sell-off. But if goes lower, you know where there sign to sell was. 89-90 is definitely a strong level.

PS - the Gann Swing indicator is close to showing a sell line as well, but i am yet to test and get to try it more (it is tweaked to 5, but on 3 or 4 is stil close to Sell signal)
littleriver
2 years ago
Checkout the the RSI breaks. If I were were long here, this would be a clear sign to exit. Really like Chris's indicator. Here I have two RSIs on the same time (daily ) but different lengths. One is 7 and the other is 21. When looking for breaks , entry and exit like this one, I am leaning towards the the 21day. See how nice the break was followed a test then rejection and drop below overbought on the 21 day orange line. Both show the nice negative divergence as well.
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2use littleriver
2 years ago
I actually do change the RSI manually to see if a different time frame has a different result, but usually if it is clear on any of them it is the same on another, but i need to get hands on that double rsi indeed :)
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littleriver 2use
2 years ago
You may also just drag as many rsi as you like onto one indicator to make your own multi range indicator. But to get the multi time frame you will need Chris's. Here is an example . i drew the price fork again but did use the daily for this one.
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littleriver
2 years ago
Since I have been drawing forks, something else i have noticed is how they can be drawn on the the RSI to project the future. This one is projecting a move lower soon. Just look for the consensus of the pivot form overbought to oversold and visa versa. With the many exaggerated data points I a kinda like the 7 for this . In my world there is room for both 7 and 21. :)
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2use littleriver
2 years ago
The fork for one timeframe applies to another time frame? i need to retry using TA to indicators, see what happens :) thanx for the idea !
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littleriver 2use
2 years ago
Price data yes. These indicators not so sure about. I do most of my forks for price on weekly charts. Then trade the daily. The major dominant trends are easier to identify and chart.
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2use littleriver
2 years ago
Which ones do you think are the best to tell the place to get in?
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littleriver 2use
2 years ago
That would depend on the trader. Tim Morge advocates to enter on the retest of the upper MLH of the first up looking pitchfork. I like how this is happening in conjunction with the 21 as it breaks the trend line and fails the retest. This is where I am comfortable.
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littleriver 2use
2 years ago
I forgot to mention there is no mid line on the regular RSI. Chris's has this option. I added one to my chart by using a parallel channel line.
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littleriver 2use
2 years ago
Here are the bones of the chart I posted . Tim prefers structure this is happening against, Here we have nothing but the retest . The retest has a higher chance of success according to Tim.
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littleriver littleriver
2 years ago
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littleriver 2use
2 years ago
Learned the RSI work from nmike and it works well with the forks.
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2use littleriver
2 years ago
As much as it is widely used, it can't stop amazing me how it works out with RSI
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2use
2 years ago
Target clear - i would sell some shorts now. But hold more, if technicals are not lying, it has a huge room to go lower, some still on top positions but as it is a new IPO, they are not that correct.
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2use 2use
2 years ago
They didnt..and earnings loom. Would be a massive play as it is first earnings...and so far the price has been declining. For those who believe in the stock it is a good entry point
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