TheAnonymousBanker

🔴 META PLATFORM: Daily Technical Analysis & Setup

Long
BATS:META   Meta Platforms, Inc.
Hi Traders!
From a technical point of view, META is very interesting for Day Traders, but at the same time it could also give some opportunities to Aggressive Traders (Intraday) in short term. Having said that, if we look at Daily Chart the trend is bullish in mid-long term, but in the short term we do not exclude a bearish consolidation before another rally. For Day Traders Setup is very simple, wait for pullback to take long position as shown on the chart. Money Management also seems interesting, with a risk of 2% we get a Risk/Return Ratio > 1:8 (not bad).

🔴 INTRADAY ANALYSIS
How can we get to our Setup Area?
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Now we need to understand how META could reach our Setup Area, and it could do so simply in two ways: with a bullish scenario (Top and Impulsive Structure still in play) or with a bearish scenario (ABC Pattern in play), as shown on two chart below. Both of these two scenarios should be able to reach our setup area on the daily chart:



Trade with care
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Analysis made with 💝
By Anonymous Banker
A TradingView Fan since 2015
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