Been a while since I got short on a fresh bear trend. Better trading starts with blocking out the noise of consolidation & no confirmed trend. I've gotten so comfortable w/ my bullish posts I'm surprised I was able to find the bear fib as clear & concise as this lol. Daily chart is still favorable for longs, but realistically, near-term re-trace isn't necessarily my type of dip to buy. Came up on 60Min 50/200MA death cross, so after checking it out - this is where we're at: 20 + 45 EMA + 55 (low) MA contraction is obviously the price contraction of either three black crows, falling 3 methods, (etc.,) following the bull candle after earnings. Could see a 61.8% re-trace on a shorter chart duration, but if any, I don't see it getting further than the 71.6% mark that caused this gravestone doji in the first place lol. Realistically, I wana see $355-$358 on a next-5-day-basis before I took profits. Technically, you could go by the chart around $329 (which is about where 180WMA is on daily chart) before stopping out/taking profits. Overall, I'd like to see $329 - $330 give-or-take before I'd consider it a reasonable entry to go long. GL to all my FAANGirls out there.
Note
Getting ripe for an impulse move. Wish I would've thrown in the 61.8% fib but - 78.6% ($376) is a bear trap, I'd wait for $385.50 (61.8% fib) to get short. Not a favorable time to get long but, the potential is there.Trade closed: target reached
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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.