The market is selling of and we are witnessing a brutal drop on Reddit, arguably the best recent IPO. I fully expect the downtrend to continue. I did warn traders and investors that we will have a large drop in tech, particularly in names like Monday, Tesla. Smart money was positioning in safer names like Nestle, please look at my trade idea for that.
I do like Reddit but its valuation was inflated. If $100 doesn’t hold I expect the gap to be filled around $80-85. That could be a place for long term investors to initiate a position.
Not financial advice, do what’s best for you.
I do like Reddit but its valuation was inflated. If $100 doesn’t hold I expect the gap to be filled around $80-85. That could be a place for long term investors to initiate a position.
Not financial advice, do what’s best for you.
Trade active
My trade is still not active. Yes we have bounced exactly at the reclaim of the golden pocket. Yes price could continue up from here. Yes that is a sign of strength but am I looking to buy the rally? No. I want an optimal entry or no entry at all. How will I approach this? If the market continues to drop I will continue to be interested at that 0.786 fib level. This could push a little further down to fill the gap down to $83. I remain patiently waiting for price to come down, if not I will accept that it wasn't meant to be. We do not FOMO hereTrade closed: target reached
Note
TradingView can be extremely frustrating with how you update your trade status. Anyway, as mentioned above I was waiting for the gap fill at $83. We came down to $82, I have initiated a position in Reddit. I have placed my stop loss at $78, just in case we get meltdown Monday. 
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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.