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ATVI hitting the 0.618 and heading into oversold terriorty, along with possibly showing divergence on the 1hr timeframe. May wait for RSI/Stoch to turn up in agreement to enter but see a potential high R/R ratio here on this one.
Buy In - Around the 0.618 Fib Retracement - $69.00 - $70.00
Stop Loss - Just under the S1 Support Pivot ~ $68.80
Targets - $81.88, $84.90
Keep in mind looking at the big picture, this could be the start of an ABC correction. I do see a possible 12345 impulse wave up prior to this correction down. In that case I'll be looking for heavy resistance around $73.30 - $75.50
If we do hit our stop at $68.80 or meet heavy resistance on the B wave up, our next line of strong support on a C wave down would be around $67.16, which would set us up for another great R/R ratio trade.
ATVI hitting the 0.618 and heading into oversold terriorty, along with possibly showing divergence on the 1hr timeframe. May wait for RSI/Stoch to turn up in agreement to enter but see a potential high R/R ratio here on this one.
Buy In - Around the 0.618 Fib Retracement - $69.00 - $70.00
Stop Loss - Just under the S1 Support Pivot ~ $68.80
Targets - $81.88, $84.90
Keep in mind looking at the big picture, this could be the start of an ABC correction. I do see a possible 12345 impulse wave up prior to this correction down. In that case I'll be looking for heavy resistance around $73.30 - $75.50
If we do hit our stop at $68.80 or meet heavy resistance on the B wave up, our next line of strong support on a C wave down would be around $67.16, which would set us up for another great R/R ratio trade.
Trade active
RSI/Stoch turned up in agreement on the close of the 1hr bar.Stop set at $68.80
Trade closed: stop reached
Stopped out.Will keep an eye on this trade as good support around $66 - $67 area, if it shows me support around that area I'll take another high R/R ratio trade.
Note
st Trade Notes:Looking at the daily, there was a S=R around the $70 mark, was too focused on the 1hr chart and didn't take this into consideration.
Having an idea that this may turn into an ABC correction, on the full impulse wave up the .618 retracement comes in around the $66 mark which is in line where we saw strong support.
Overall, greed/excitement got me into this trade too fast, need to let market come to me.
Wouldn't be surprise if we see a B wave bounce up once it touches the .618 around the $66 mark and then head towards the $72-$73 mark before making the final C wave. The C wave should show us good healthy divergence on a higher timeframe as well.
Will follow this one closely.
Trade active
Got back in at the $66 mark where it showed strong support (around the top of the previous impulse wave 1 up).
However, only looking for a modest gain here to around the $72-$73 mark, as bigger picture I see a potential ABC correction coming.
Also notice that if the B wave does play out and comes down to make a C wave we just formed a classic H&S pattern in which that target would put us at about where I have the C wave finishing.
Major indexes are also showing signs of weakness with heavy distrubution (selling).
Note
Impulse wave 3 up*Impulse wave 1 up is where I see C wave coming down too.
sorry for typo*
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.