Barker
Short

Look for M to breakdown from this channel & 20/50MA crossover

NYSE:M   MACYS INC
152 9 1
Also markets are up today. Macys             showing weakness.

www.stocksetups.com
EliteTrader101
2 years ago
Sorry to burst your bubble, but today was a very, very low volume test which means no sellers are interesting. So the path of least resistance is UP. I would buy on a breakout of today's high. You're at the bottom of an up trending channel so you're supposed to be looking for buy signals. After today's fomc announcements , markets will be bullish for the next 30 days

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EliteTrader101
2 years ago
Forgot to mention that intraday, it quickly rejected the value area telling me it wants to move higher.
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Barker EliteTrader101
2 years ago
Thanks for the feedback.

That 58.26 level is my stop. Not a hard stop but if M looks like it wants to close tomorrow above 58.26 I'll cover. So basically I'm running a .50 stop.

So based on your analysis I'll be covering tomorrow. Thanks again for the info.
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EliteTrader101 Barker
2 years ago
I just posted an intraday analysis on Macy. Another guy was shorting ISRG last week and I showed him my intraday analysis, similar idea and look where it is today. All the high frequency algorithms were buying on the lows during the accumulation phase as i can spot their activity on the 5min. I'll probably go long on this stock tomorrow like I did with ISRG just before it took off. Good luck.
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Barker
2 years ago
So here we are just above my trigger to cover (58.26) Still holding short but will cover if we it looks like we close above 58.26. Hard Stop 58.8

I'm pretty confident that we get a negative close today though.
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EliteTrader101 Barker
2 years ago
Ok, price is still balancing higher so bulls are still in control for now, my target to exit longs is the 200ma on 30min at the pivot and gap fill @ 58.75. Sold some of my M options on the open, but still holding onto a few to my target. Just need a quick pop to fill that gap then you can try shorting it there with the rest of the sellers
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Barker
2 years ago
If this candle holds above 58.5 into the close, I'll be covering the short. A selloff at the close below 58.5 keeps me short.
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EliteTrader101 Barker
2 years ago
My options expired so i'm no long in this one, but if price quickly rejects off 58.50 with volume then its a strong buy for me.
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Barker EliteTrader101
2 years ago
Yup, I've been on the wrong side of the trade on this one. Only off by $1 let's see what happens in the final hour of the trade today...
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