$SAM Boston Beer Co looking overbought at all-time high resistance on the weekly chart. I would expect a short term sub-300 correction and some profit taking leading up to ER 07/26/18. Stock looking very over-extended...if earnings isn't a home run expect a further correction possibly to the area of $250-$260 by fall.
Wait for a channel bounce and look for opportunities to short this pair!
As you can see from the related idea, a lot of money was made within the previous structure and upon the exit of structure. Textbook moves, very easy to read. (I may have typo'd in the title of related idea lol) Here we have another very simple move. I don't need to explain much so the simple rules of this trade are as follows if you have not already entered: -...
A short within the red zone is a good idea if you find a good entry on smaller time frames. Shorts upon breakout is also advised, obviously.
We are edging towards the line of the downtrend. If there is a convincing break, I would like to see 106 and 108 If we bounce, then I'm looking to take profit near the most recent bottom. Stoch shows above 90 during downtrend on the daily which is always a good sign for bears. But it is better to react than to predict.
A break of the current channel and yellow trend line will be my short entry. A solid break above the green line will be a good long entry. I have a long position open already from 1.16 so I have moved SL to 1.297, just to squeeze some more profit out if it bounces now inside the channel.
Should be safe enough. Take profit at 108. Half somewhere in between for funzies. I don't apologize for indicator clog. I like my charts being wide and horizontal. Need to add lots of indicators to squeeze it into widescreen mode.
1.04 TP1 1.08 TP2 Stop loss already at BE because I entered before I remembered tradingview.com existed.
Looking for the price to reverse around the 1.445-1.480 level, going for a continuation of the bearish trend. We have a potential Cypher pattern completion, an AB=CD pattern, and some nice Fibonacci line ups. If we brake the lows again the next resistance will come in around 1.27-1.28 something, so there are definitely some pips to be made here!
Bought my position at 1.138. Will add another long if it tests the bold white line again. TP 1.16 and 1.18
Sell if break is confirmed on 1h chart. If not, wait for the price to bounce off of 0.7684.
I've had enough beers this morning to be sure of this plan. Trade well and enjoy the profits of your hard luck, gentlemen. Reward yourself with a cold one when you hit your TP with this move. Have a nice day.