Deeeeee opeeeee. I feel like I've either been going mad or that I've just been letting a short bias get the best of me. Although my short ideas have worked out pretty well, it's a reminder that there's still potential somewhere. I've had Red Hat on a back burner watchlist 1) because the setup is a complex one that, I've seen maybe 3 times, & haven't been able to catch one before a breakout & 2) Just so happens to line up right around the time $RHT releases earnings (09/19). If anyone saw $TPR right after earnings - that's a base comparison for this type of chart but I'll leave a screenshot to justify really how accurate it is. Starting off w/ the gap, I use the 55 low MA from the first candle after the gap - because obviously after a huge gap up / down, the moving average curves UP if price makes HIGHER lows (bearish), or slopes DOWN if the start of past 55 candles makes LOWER lows (bullish, but also depends on overall trend). If that's confusing - might have to try it yourself & mess around but, any bubble or unsustainable price action isn't defined by the highest high, as long as the lowest low can still find an equilibrium. Little too off topic but yellow vertical line (if not a few candles after) should call for a dip. Nothing serious, but I wana see the 20 EMA do a double take & drop back to flirt w/ the 55 MA before a surge. Could get wild.
$TPR 08/14 -
$JBT - 08/23 -
$TPR 08/14 -
$JBT - 08/23 -
Trade closed: stop reached