As a short term mean reversion trader, I don't like charts that go straight up. Since late April, that's what META has done. With just a small pullback from its recent highs, this is a spot where if the trade works, it should work quickly, playing off the stock's recent momentum. But if it doesn't pay off quickly, the risk is that I'm getting in near the top of a 35% run in under a month and those trades typically take a LONG time to pay off when that happens. So more so than usual, I'd suggest spectating on this one.
When my biggest reason for taking the trade is that there just weren't any other options today, that's not a position I like to be in. That said, META has some things going for it.
1) momentum. the same momo that scares me would have scared me half of this run ago.
2) it hasn't yet closed below the trendline in place since the beginning of this run.
3) it bounced off of support today from the March 25 intermediate high.
4) it's trading above its 200d MA - always a good thing.
5) the signal has been nearly infallible to this point. it has produced a 91%+ win rate (1.8 profit factor) on 373 trades since last June that I've posted on here.
All of that is great, but I won't stop being nervous about this one until the trade is closed. This will definitely be a FPC exit on this one.
As always - this is intended as "edutainment" and my perspective on what I am or would be doing, not a recommendation for you to buy or sell. Act accordingly and invest at your own risk. DYOR and only make investments that make good financial sense for you in your current situation.
When my biggest reason for taking the trade is that there just weren't any other options today, that's not a position I like to be in. That said, META has some things going for it.
1) momentum. the same momo that scares me would have scared me half of this run ago.
2) it hasn't yet closed below the trendline in place since the beginning of this run.
3) it bounced off of support today from the March 25 intermediate high.
4) it's trading above its 200d MA - always a good thing.
5) the signal has been nearly infallible to this point. it has produced a 91%+ win rate (1.8 profit factor) on 373 trades since last June that I've posted on here.
All of that is great, but I won't stop being nervous about this one until the trade is closed. This will definitely be a FPC exit on this one.
As always - this is intended as "edutainment" and my perspective on what I am or would be doing, not a recommendation for you to buy or sell. Act accordingly and invest at your own risk. DYOR and only make investments that make good financial sense for you in your current situation.
Note
LOL - an hour after I enter the trade, Moody's cuts the US credit rating. Perfect. Looks like this one's going to take the long road.
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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.
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.