Triple Top Joe - Quick Swing Short Entry After A FOMO Pump
Updated
In the past roughly 12 hours JOE has increased nearly 10 percent. We can see the formation of 3 tops of clear resistance for price. This quick jump in price indicates a FOMO pump from long buyers that typically ends in a pull back as those that bought in earlier dump onto those near the 3x peak seen previously. We have not seen price break our stop loss since April after a long bearish decline giving a clear stop loss if this trade goes wrong. A 3-4 percent risk for a possibly 5-7 percent reward seems very possible into the first support zone here and possibly into target 2 once we see what the market is doing.
USE A STOP LOSS HERE DO NOT BE FOOLISH. This is a slightly "lower risk" higher reward trade that may not win. I am betting on previous 'wave action' that a slight 5 percent pull back is possible here. If you do not and price action breaks resistance price action could keep rocketing upwards as people FOMO buy. Enter at your own risk as in the short time of writing this I have seen price increase and decrease by 2 percent. Good luck.
USE A STOP LOSS HERE DO NOT BE FOOLISH. This is a slightly "lower risk" higher reward trade that may not win. I am betting on previous 'wave action' that a slight 5 percent pull back is possible here. If you do not and price action breaks resistance price action could keep rocketing upwards as people FOMO buy. Enter at your own risk as in the short time of writing this I have seen price increase and decrease by 2 percent. Good luck.
Note
We're still in the red a bit, but now we're seeing a slight decrease in price! Lets hang on still.Note
Finally barely in the green here. Keep hanging on as money in flow is in the decline here. Taking profits @ 1-2 percent may even a wise idea here as this was a risky trade to begin with.Note
back in the green hold on for price to decline to previous support levels or take profit now. We are still sitting a negative money flow according market chiper and price action still suggest bit more of a decline.Note
Bearish divergence on the 1h as money flow declines. Profits have been taken at 1-2+ percent already but next level of support looks even likely now, setting a SL in the green would probably be a good idea here just in case.Note
targets 1 and 2 hit and even down to the 3rd level of support now
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