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11L trade ideas

WEED hourly needs a higher lowWatching 3 areas as possible support for an hourly higher low for WEED, first is a back test of the daily downtrend line, approximately 29.38 - this would also have an oversold 5 min RSI. Second would be that we hold that 29.55 area, see an equilibrium form on the 15 min and have a solid break to play. Third would be a bottom fish off the low of yesterday at 29.76 which would be very oversold on the 15 min should we drop down there fast. If we lose 29.76, then patience would have me wait for previous resistances of 27.83 and 27.50 to act as support before 27 because of the lack of support established in that range. Bulls would love to continue to consolidate above the daily MBB and break the daily downtrend with a clear break of 31.46.
TSX:WEED
by DZ3572
1
At the mercy of the market but now we have a nice channelIf you look at my big blue arrows you will see the other channels this has gone through. These usually last 3-4 waves. I expect weed to move with the market when its up we should move towards 31 where we have now rejected twice. When its down it should move towards the low 27's. After the 3rd wave expect a big impulse in one direction or the other. This should fit in to the timeline with the June 7th vote. Ill be playing WEED a lot at this time. Also I have noticed the SPY will give you a good 10 mins heads up to get in or out of a trade. When I saw the SPY dump today I shorted this stock at 30.50. I was also able to get out of an APH trade at 10.05 before it tanked as well. Keep this in mind while trading. I expect a few more RED days as it appears the SPY has a date with the 200 day MA at 261
TSX:WEED
by dburke44
Going to need some help to break 30. Markets closed strong. MJ sector closed strong. WEED stock shot up 10 cents in the last 5 minutes and closed on a full green candle. All of this is pointing to a strong open. Heavy resistance from the 200 Hour MA at 29.80 and 30.05 where the 50 day MA sits. With the markets looking like a strong open I expect us to test it early. The next big test is 30.55 followed by 31.50. After that its pretty clear to the 34.50 BMO deal which has sent us plummeting in the past. Weed looking to uplist on the NASDAQ sometime this quarter so I would say this looks like a good time to go long.
TSX:WEEDLong
by dburke44
Will WEED break the triangle?Since the last update WEED has been correcting within the triangle that I had defined, slowly making its way down and bouncing really hard off the upward trend line, taking it to the top of the triangle and closing on the 61.8% Fibonacci retrace. There is some resistance at this point as it will try to break its way out of the triangle for confirmation of a bullish signal if we can close somewhere around 30.50. We are not overbought on the 4H RSI and are now using the EMA20 as support and keep in mind that the EMA50 is about the cross over the EMA20 which is also a bullish signal, so hopefully we can close above the triangle and head towards new resistance at around 31 and then 32. Thanks for viewing my charts!
TSX:WEED
by BTCanadian
WEED hourly trade plan 2 scenariosBull scenario - we break 27.50 and 27.83 for hourly higher highs - in which case I would be targeting previous support of 29.55 which lines up amazingly with that downtrend resistance line - likely to scale out partial profits sooner since that's an ambitious target percentage wise. Bear scenario - 27 dollars breaks down and I start to watch for an oversold bounce in the low 26's or even 25's depending on the time and RSI levels when it gets there - if it is a deep flush and 5 and 15 get oversold quickly and take the hourly down, I will start scaling in a bit faster, if it's a slow grind down like we have been experiencing - I will stay much more patient. Initial target for the bounce would then be 27 previous support now strong resistance.
TSX:WEED
by DZ3572
Markets recovering and sitting on good supportSince we are at the Mercy of the market and are delayed a bit behind the SPY. I expect a nice strong open tomorrow morning. Spy went on a heater the last 5 mins and had a big 60 cent buy. We closed right on a support as well. As I see it we should see a gap up and start to make our ascent upwards. If this happens our worst case scenario should see at least a 25% recovery tomorrow from the previous drop. That would put us around 27.90. However I believe the next potential stop is the 100 hour MA at 28.50 followed by the 100 day at 29.25. Worst case scenario is we drop at open. Look for 27.00 to be our stop. As is it looks like we have a bottom however here or in the very near future. So if you are in now set a stop loss at around 26.95. I cant see that dropping because if it does we will be approaching the 23.00 range.
TSX:WEEDLong
by dburke44
Canada will legalize Marijuana on July 1st, 2018, trade WEEDFulfilling a campaign promise, Prime Minister Justin Trudeau's Liberal Party passed a bill easing restrictions in March—the drug has been available for specialized medical use from dispensaries in several Canadian provinces, including British Columbia and Alberta, since 2001. The new law will come into effect on July 1 2018. Can't trade this in USA, but except the biggest CANADA company soon will rocket up... if you can buy, would do this at around $26 or call options.
TSX:WEEDLong
by Anbat
Should be close to the bottomI expect all of these stocks to start making their own channels here until news breaks. WEED can find support around 28.00. However since the close was very poor I expect it to lose this support and find ground around 27.50. I will be watching this stock here and if we lose this I will be buying big at 26.75. If I had to guess WEED should trade between 26 and 31 dollars until we can get a big catalyst such as a NASDAQ listing some big US news or the 3rd reading in June.
TSX:WEEDLong
by dburke44
WEED Inside Daily Bars & Tightening Range - Break ComingWEED, after the all out dump last week is starting to show some positive signs again. As good news builds up with this company and the sector as a whole (licenses, mergers, good financials etc.), and stocks show little movement, I think we're getting ready for another bull run likely into the June vote. The last three days WEED has shown inside bars, a bullish sign, couple that with the long-term tightening range, room to move on the daily RSI, holding above the 50EMA for the past 5 days, and decreasing bear volume - I expect a solid start to next week, and a break. I'd like it to return to our very long term trend line (shown in light grey), but that may be a little ambitious for this week. I'm hoping for a move beyond $32.
TSX:WEEDLong
by DuncanMcGillivray
A Win for the bears on the Daily but nothing to worry aboutIt looks like we have now returned to normal. We have a strong trend from the beginning of the month that we have just rejoined. The first four hours seen us drop 3% while the second seen us gain it back. Today almost felt like a loss but in a sense it was overall a wash. It may not seem like a win but a close above 30.00 puts us right on track to really start climbing next week. Bottom I have 29.85 however id be comfortable buying at 30.00. Bears took control in the last half hour so expect them to come out firing early. My play would be to buy at 10.85 or at a test and hold of 30.00. Bears I believe are about to burn themselves out.
TSX:WEEDLong
by dburke44
Expecting a strong start leading into a potentially big dayWeed in the last 15 mins had a dump from 30.70 to 30.44. As soon as WEED broke that 30.50 mark, a previous resistance that the bulls finally conquored this afternoon around 2pm, The bulls came out in full force running the price up at the bell back to 30.60. We had above average volume from 2pm on. A good sign people are coming back. Look for a strong open. We would like to see 30.80 the high of today fall right away which could send us on a big run leading up to Friday's 4/20 newsday. The bigger resistance will come at 31.00 a break and hold there should see us rocket up to 32.00. If the volume is there it could be a big afternoon with people wanting to get in pre 4/20
TSX:WEEDLong
by dburke44
2 potential landing spots for a bounceWEED is still looking strong. It held up better than I thought. I still think we bleed a little as the rest of the sector should drag us down however. We have great support at 29.50 and then the 100 day MA after that at 28.70. 29.00 is a going to be a psychological support however I dont see much holding it there on daily. Like the rest expect a good dump in the morning followed by a nice recovery. Tomorrow afternoon is where I would be looking to rebuy after this dip.
TSX:WEEDLong
by dburke44
Still in the triangle, rejected at the 50MA.As we successfully came back into the triangle, but got rejected below the downward trend line, respecting the 50 day moving average as resistance. It has now re-traced back to the 61.8% Fibonacci line, where it sits with indecision as I write this. There is some light support that is now holding us, but it won't take much volume in the wrong direction to see a re-test of the 200 day moving average, where it we can see some more serious support. Thanks for viewing my charts!
TSX:WEED
by BTCanadian
Should run to 32.00 tomorrow.Strong Spy Futures, CRON afterhours seen it close at the high and Good news out of the US. All of this should point to a gap up over 30.00. The 200 Hour MA may cause a bit of trouble at 31.00 but overall I see this stock hitting 32.00 as early as tomorrow. $32.00 was where the last big selloff happened so do not expect it to go down easy. Like the other stocks pay attention to the RSI here. WEED between 86 and 90 have seen the same drops as the other MJ stocks mentioned previously. At 10:30 on Dec 29th WEED was selling at 33.25 and by 12:30 it had hit 24.00. Again not a trend changer however these can be avoided. I may by in for quick buys here and there but for the most part ill be out until this happens. It will rebound after and you should see a new high but it still has that 34,50 ceiling from the BMO deal.
TSX:WEEDLong
by dburke44