TGOD is on top watch for me tomorrow. Down 32% since hitting all time high last week, and now hourly oversold with RSI of 23. Hourly RSI 18 is a historical bounce point so if the bears are aggressive tomorrow with a flush first thing we can look for an entry, otherwise there is still room to the downside so I will be very patient waiting for the move if it doesn't happen first thing on open.
TGOD is in an area of significant support, closing the day at two key fib levels. We're at the .5 retracement of all time low to all time high, and at the golden pocket of the retracement from low of summer consolidation after last all time high, to current all time high.
This is a very short term play. TGOD is not changing the downtrend anytime soon, and I am looking to trade against the trend, so I will be fast to exit, perhaps as fast as 2-3 minutes after entering.
Supports I'm playing off of are $6.51 and $6.01
TGOD is in an area of significant support, closing the day at two key fib levels. We're at the .5 retracement of all time low to all time high, and at the golden pocket of the retracement from low of summer consolidation after last all time high, to current all time high.
This is a very short term play. TGOD is not changing the downtrend anytime soon, and I am looking to trade against the trend, so I will be fast to exit, perhaps as fast as 2-3 minutes after entering.
Supports I'm playing off of are $6.51 and $6.01
Aug 14 - 18
July 31 - 18
July 13 - 21
June 27 - 21
June 13 - 21
So we TGOD used to bounce form 21 but now likes to hit hourly RSI 18 first.
Next let's calculate the price after flushing as a percentage of today's close price
1% - $6.87
2% - $6.80
3% - $6.73
4% - $6.66
5% - $6.59
The $6.59 flush will put TGOD right into hourly RSI 18, which would be my sweet spot for an entry. I will be much more cautious on a lesser flush