Back to the chart, VATE is a rare buying opportunity in this space. Many tickers have already begun their long march upward and carry increased risk to start positions now. VATE is resting just above very solid support. It has that classic enormous since last MJ season. The flagpole for this is an incredible 2400% in gains from August to December 2017. On deeper dive, that run probably doesn't properly qualify as the flagpole because of the dip in between and the length of time elapsed. However, the indisputable flagpole on a much shorter time-frame of Nov-Dec 2017 is still a very impressive 1400%. TA says an upward break of a implies a move with the same size as the flagpole. I can't quite dare hope for such a move, but yet that's what TA says. Many are saying that this MJ season will exceed all other recent ones with much bigger catalysts of full hemp legalization and CBD de-scheduling in the Farm Bill, the rumored firing of anti-MJ Jeff Sessions, and Trump promising a big announcement on MJ reform after the mid-terms.
My strategy is to buy the bottoms (like we're seeing here with VATE) and then preset good-til-cancel orders for a small percent of my position at preset profit taking points on the way up, retaining about 30% of my holdings to try to capture moves beyond what I am anticipating are safe to happen. Last MJ season I held through the runup and the downturn, so I've developed a strategy (in consultation with some my experienced trader mentors who have taught me so much about systematic trading and discipline) to avoid seeing that enormous paper profit evaporate again. I know I'll leave some profits on the table, but I much prefer to lock in life-changing profits rather than allowing greed to overcome my good trading sense.
Pardon that random line going through the , but I saw too many touches to not include it. In fact, it was the confluence of three lines (powerful!) that stopped that very powerful upward push earlier this month.