My last two posts were about the SPX and AMD and their falling channels, which are my favorite patterns to trade.
They follow an easy concept: They stay in their channels, untill they go sideways on an important support level, preferibly on a bullish rsi on the daily or weekly chart. I spotted one on the DPZ weekly chart, so I had to make a post about it.
I can...
I am just not sure what has caused this extraordinary price drop, when apparently it was looking like it was just recovering from down trend - if anyone knows please comment .
May be it’s just natural price correction in market, looking at today’s price action, buyers were able to take it up in first two hours up to $125.84, till that time it’s was all buyers...
Weekly: Closed lower, after upwick, impulse is blue (meaning MACD-H ticking down). Latest top diverging with previous local top. Often times, the 2.5 ATR level is a turning point for tops.
Daily: A nice set of divergences, on MACD lines, MACD-Histogram, and EFI. Even there is a divergence on Stochastic RSI, as well as ATR lines, showing an ATR channel divergence...
Targets: 331, 300, 375
Every pullback must be seen as an opportunity to sell.
Long should be opened only above 390.
Use appropriate quantity and risk-reward ratio.
Always use a stop loss.
Always risk a maximum of 1-2% of your capital.
P.S: This is NOT investment advice. This chart is meant for learning purposes only. This is my personal journal....
