Lessons from an experienced trader.
Lesson 1. Never scalp.
Although scalping seems to be the most profitable and best method in today's market, it is certainly not. Scalping is the hardest method to achieve a consistent performance. High frequency trading firms scalp, but they have many advantages over the retail trader including direct access to exchanges,...
ACB formed a failed failure last week (wedge bull flag) off the EMA, with an outside bull bar. The bulls also kept the 7.75 gap open. Although there is a tail on the high of the bar, the bears will more than likely wait before selling again, and the bulls will likely get a test of the Mar 11 close, or a new all time high.
I took a position this morning, when ACB broke $8.10 bullish. Currently residing right below the trend line and bouncing. I am speculating on a good earnings call to push her through, back on track to the lower $10 range. With today's 4% up, there is at least a margin to get out in case of a catastrophe. But when last earnings disappointed, ACB came with guidance....
Blue triangle indicates the current range.
Green box is buy.
Red box is sell.
Blue line indicates potential support/resistance.
Green line indicates t/p.
This is a log chart.
This is not financial advice. All charts shown on my page, including this one, are just for fun.
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Lesson 9 Trading Psychology is Important
When you look at the market you should see your self. The market is a collection of buyers and sellers. You are a participant in that marketplace, and therefore you are the market. How can you understand the market without understanding yourself?
The mental landscape of a trader is extremely important and very valuable...
Lesson 7 Trade Outcome is Random
The outcome of any given trade is random, no matter how strong your edge is. It is impossible to predict whether a trade will result in a loss, decent profit, or a windfall profit. Contrary to what most Price Action traders and price analysts believe, you cannot and will never be able to predict the market. Most amateur traders...
We are going to test Mid BB line to see if its strong enough to do a bounce. wait until the coast is clear. Roger that captain!
^ RULE ONE
^ DON'T BEEP UP YOUR MONEY
^ DON'T BE DING DONG DODO WITH OPINIONS
^ BE PATIENT MUTHA LUCKERS
The nested high 2 bull flag from a few weeks ago failed to get strong follow through. However the selling pressure so far is not that strong (small bars, weak closes, tails below). The bulls will likely try to form a larger high 2 and double bottom around the failed sell setup at $7. Prices are currently in a large $5 bull flag trading range, therefore the...
ACB closed below the green trend line on the daily.
Target 1 $7.68
Target 2 $7.31
Target 2 $7.20
Target 4 $6.32
Cannabis is an emerging market and while it will be quite big in the future, I wouldn't expect cannabis stocks to necessarily reflect that growth.
Case in point. I live in Colorado, which is arguably the Amsterdam of the US, when it comes to...
ACB formed a failed high 2 lower high sell setup which triggered on the open of this week. Since prices have rallied, possibly setting up a wedge bull flag at the EMA. However this could also be the bulls trying to get out around break even from the high 2 buy setup. The past few weeks have been sideways, indicating some bull profit taking. If this week closes...
Left leg, right leg, up or down. Where is she headed? I'm getting more and more messages from people that feel that ACB might implode soon. Personally, I am not that scared. Last week's move down was caused by SPY pulling back, and the lack of volume made it stay where it was. We need SPY to remain stabile while we wait for ACB to present their next earnings. I...