Snapchat - It's not Facebook, You Just Recognize the Name
(Trade this on 1Broker in my signature link for no-fees BTC-settled markets with social trading)
Snapchat dumped ~40% on earnings call for a reason. Now there's some murmurs going around about a partnership or an announcement or some nonsense and price has recovered.
Charlatan analyst groups like Citron are calling for $17 and if you read their research, it's a hilarious joke that only pump and dump believers would buy.
This is a phone app that people use to show each other their junk. Retail just recognizes the name and wants to buy it because bulltards.
$13.60 orderblock is being violated so it seems obvious this is going up more.
Ascent of uptrend is very steep and that doesn't seem to make a lot of sense for dumping 40%
What sucks here is the risk of squeezes against stops at $15-16, but I'm of the opinion that the move in this price area is the squeeze itself.
Looking to sell short over the May high, but I do not believe $16 or $17 is going to happen either.
Short: $14.50-$14.75
Stop: $15.90
Target: $11.25
R/R: 3.04
Remember, you don't have to win every trade. You just have to make more money on your winners than you do on your losers.
If this short is successful then you can also keep a portion of it for long term holdings.
Will be a public trade on 1Broker when active. You can "copy" me on the platform as well.
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Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party
dafoh.org/petition-to-the-united-nations
Snapchat dumped ~40% on earnings call for a reason. Now there's some murmurs going around about a partnership or an announcement or some nonsense and price has recovered.
Charlatan analyst groups like Citron are calling for $17 and if you read their research, it's a hilarious joke that only pump and dump believers would buy.
This is a phone app that people use to show each other their junk. Retail just recognizes the name and wants to buy it because bulltards.
$13.60 orderblock is being violated so it seems obvious this is going up more.
Ascent of uptrend is very steep and that doesn't seem to make a lot of sense for dumping 40%
What sucks here is the risk of squeezes against stops at $15-16, but I'm of the opinion that the move in this price area is the squeeze itself.
Looking to sell short over the May high, but I do not believe $16 or $17 is going to happen either.
Short: $14.50-$14.75
Stop: $15.90
Target: $11.25
R/R: 3.04
Remember, you don't have to win every trade. You just have to make more money on your winners than you do on your losers.
If this short is successful then you can also keep a portion of it for long term holdings.
Will be a public trade on 1Broker when active. You can "copy" me on the platform as well.
==
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party
dafoh.org/petition-to-the-united-nations
Note
This is Citron's pump and dump paper. citronresearch.com/wp-content/uploads/2018/05/Citron-Research-Initiates-Coverage-on-SnapRev2.pdf
They're a public relations company who's selling Snap at high prices to retail under the guise of making a trade call/insider pick.
Note
My greatest fear with this trade is $13.30 is a double top high defying my logic.Note
Snap traded surprisingly weaker than I was expecting today, as did a few other markets. I feel there is a higher-than-average probability of many assets across the board being relative bull traps right now. I entered this trade short at $13.14 with a 2.2:1 RR. I feel stop is considerably tighter than I would normally use, but if it exceeds this $13.68 high then it will actually proceed higher and give better opportunities to enter short later.
Note
Bad screenshotNote
Note
That feeling when I probably got stop ran and it's going to dump now.Note
Gap up for open. Let's see if SNAP can hit the original target for short entry. Note
Re-entered this trade short on half the size at 13.54 since it double topped on small time frames at the $14.00 level. 
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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.