tightening range- could go either way- use another leg for Elliot wave and breakout of trading range but in overall uptrend and still hype around MJ SPY looking to bounce today- BULL bias today on this stock
potential bounces confluence zones - fib levels - support/ resistance - psychological numbers - RSI oversold - peak volume profit and exit- overall/new trend is down--- AMD matches the "psychology of a market cycle"
Bottom is in when... - bad new does not drive the price down any further. yesterday SPY and DOW crashed everything red besides TSLA... SNAP stayed within the trading range and barely flinched. Setup - Swing low set - higher low- potential new trend -tightening range to earnings report if earnings is other than BAD, price will rebound. LONG call...
Trading ranges suffer many false breakouts... MJ stocks have more retail investor than other sectors = higher emotions and swings - the price rebounding and dip buying is very positive - current setup H&S bottom with target $48
my tracking - water fall of bounce orders expect market open overreaction profit and exit- overall trend is DOWN
my tracking - water fall of bounce orders profit and exit- overall trend is DOWN
Bearish Rising Wedge- to Bear flag EW theory gives no support- ABC correction needs another leg down, or if preferred a 5 wave impulse needs another leg down Tuesday Price Action 1. gap down 2. over reaction flush down 3. scalpers and traders- buying 2-3x deviation from VWAP--- price slowly works north to fill the gap 4. afternoon fade 5. price continues south...
ABC correction $20 psychological earnings report October 24th overreaction selling FUD- buy the dip before the earnings people happily paying $35 for this less than a month ago ideal setup-- price crashes today/tomorrow-- triggers stop losses under $20 and flushes to $19.50 Buy OTM long call option lotto tickets-- don't risk more than can afford to lose-- ex:...
Daily inside bars and potential bull flag. don't get too excited thou- whipsaw's and trading Bots are making this market really annoying. All trading signals should be taken with a grain of salt in the current market condition. Enter the trade but be conservative. Think of the long run are you going to care if you bought at $6500 or $7200 when the price is...
Retracement Time - double top - peak volume stops the upward move - increasing volume on breakdown of support $30- volume increase on dump confirms counter trend - steep trendline reducing to more normal uptrend-- see previous AMD idea BUY Zone - LOOK for 0.382 retracement and $25 psychological for potential entry on bounce-- stop buy under $25--- ex:$24.80 --...
Patience -nothing worse than waiting- PAINtience -mixed indicators-- ADX uptrend weakening, RSI/MACD bullish divergence - wait for consolidation and tightening range- once direction shows itself jump on the train - will wait for price action to confirm, but at least one last push up towards $200
tightening range- - if breaks outs will pay in a big way -- why? 2nd price cycle is normally the biggest (or wave 3 of larger EW), and the triangle after move up already at 85%
missed moved- look for breakout of cup and handle next week
Bounce attempt - peak volume - 0.786 Fib - Area of S/R - previous move bull flag- broke out and paid at target- consolation time again - Bullish divergence RSI- 15 min - Bullish divergence MACD- 15 min - 4 Hr MACD histogram crazy extended - potential EW ending point worst case SFIX is ast a conflunce zone-- best case bounce and PAYDAY
70% moves inside the range- - buy at the bottom of the range hope for a breakout north. - great R:R ... 70% range bound move + 70% breakout = Potential 140% ROI CAUTION - range bound traders suffers many false breakout- watch for stop loss hunters - use loose SL with small positions- once correctly identify the potential reversal zone (PRZ)- add to the winner