PARA 3/10/22

NASDAQ:PARA   Paramount Global

Perfect chart to see why you NEVER buy a parabolic move.
In Aug. ’20 price broke above the 200 ema and move sideways above it until Nov.’20 when broke out and up.
Price from here flagged all of Dec.’20 when it broke out of the flag jan.’21.
From there price made a parabolic move from 37.66 all the way up to 101.85 in Mar.’21
By Apr .’21 price crash all the way back down to 37.66.
Price found support at 37.66 and continued to move sideways under the 200 ema .
Price broke down from support Nov.’21 and fell all the way down to 28.12
Price pulled back and turned previous support of 37.66 into resistance. It has made several moves to this resistance level and rejected it.
Will enter trade short. Swing trade to 28.12

Entry: 32.67
Stop loss: 36.60
Target: 28.14- +13.87%, 1.25 RR ratio or will trade 10ema
Trade closed: stop reached: Stopped: Stop loss: 36.60
Comment: This is why 1) you always size up your trades. and 2) never give up on a trade.
I was stopped out here but didnt follow up on the trade. Price had a false breakout and fell back into range. Now price is close to hitting my target.


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