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[STOCKS] The Technicals Behind GameStop (GME) #3Hello everyone, this is an update of my previous trading plans for GameStop. I discovered this stock back in November 2020 with the help of r/wallstreetbets. I've tried to apply the technicals almost at every point, even though this market acts insanely irrational. It's very important, especially for beginner traders, to enter a trade at the lowest point possible and not during a pump. You won't have a trading plan and you won't know where to take profit. So you will end up holding bags. Luckily, the price of the GameStop stock made a return with an inital movement. I've entered another trade with a buy-in at $42 with a take-profit order at $150 (and another one at $420,69). We had a great risk/reward ratio here, but this one wasn't easy to spot. I personally did not expect the price to move past the $200 mark but it did. This is a good sign for those who like the risk. We can see that the price is moving towards previous highs, where sellers appear on the market. Most of them try to sell their bags to break even or they take profit in an obvious risky trade. I personally don't trade this stock anymore. There are many more other opportunities in the market. Please always consider to got to a casino an take the 50/50 - red/black chance. You might be more successful :-) cheers, Ares
NYSE:GME
by Anton_XBT
2
GME next week - A smooth-brained ape evolves a wrinkle.As I sat here nibbling on my crayon, I developed an itch I couldn't scratch ... for it was on the inside of my head. It was not like anything that ever happened before, so I wrote it all down for you to read. Please tell me, am I evolving? Or, can I go back to my crayons. A tale of Apes, a Moonshot, and Hedgef*ckery. The week started out well. With a quickness of pace akin to swinging from trees, a new breakout event sent apes into a flurry of excitement and pounding their chests. But, alas as often occurs, an evilness descended upon the zoo. On Wednesday (03/10) hedgebastards attempted to destroy price at lunch (when they know retail peeps are away from their accounts). This is their way. They failed. Yeah, price collapsed and wiped-out stops. But, the diamond handed apes bought the dip, beat them back, and laughed as they ate more bananas. What the hedgies didn't get were the apes DRIVING the car called Misery. Our car Misery, doesn't have GME brakes (stops) for EXACTLY THIS REASON. After all they tried to achieve what happened? They faceplanted right in the road. Apes kept on keepin' on and drove Misery right over that shiny crown of a speedbump toward recovery - roughly 2/3 of the pain and suffering inflicted. Better yet, price stabilized. Their efforts also had a side effect: SSR = Short Sale Restrictions. SSRs went into effect IMMEDIATELY and were set to continue for the entire next day. (Their idea was to let the market settle and think things were safe. Then, hammer it again on Friday.) Oopsie, it seems a big fat whale saw what was going on and, with a soft touch, nudged the price down 10% again. Shucks, SSR extended to EoW. Sucks to be a hedgie restricted to selling shorts at market value, not 100s below. Now, we're into the weekend. So, what I here you say. Markets are closed you say. What recent newsworthy financial event just occurred? Hmmmm, American Recuse Act? Yeppers. That's $1400 going into non-savvy accounts. And, yeah, they will see $GME adding 70% over a week, $158 to $270 (time of writing). FOMO. Here's what I see. (It's my first time but, if I've done this right, this is on my chart.) 02/24 1st Breakout event, open-ended. 03/05 2nd Breakout event, open-ended. 03/10 3rd Breakout event, closed-ended. (both versions) My read: Scenario #1 That $1400 is already priced in to the stock. This forms a convergence event (CE#1) this Monday. The suckers have their money and start flushing it into the stock during early trading on Monday. This means I'll be watching what happens closely for further indications of what to do. Hedgebastards will want to ensure even late-comers have the opportunity to get that money in during lunchtime. Then, they wipe-out all the protective stops the n00bs placed. (Not being mean, I was one too. It's a perfectly fine mechanism and ABSOLUTELY what THEY should do.) I imagine, around end-of-day (2-3ET), there will be at least one stop run (maybe two). Scenario #2 That $1400 is NOT already priced into the stock. This forms a convergence event (CE#2) on Wednesday 03/17. Refer to Scenario #1 for the rest of the story.
NYSE:GME
by TranceaddicT66
10
Clearly upwardLots of talk across the subs and social media etc about a launch, and some interesting discussion about the cup w handle pattern. The CwH may pan out, but there are some loose requirements that this pattern doesn't fulfill. We'll see if that's in the cards. Also, that would translate to something like 700/share or something to that effect if it follows the "normal" run of the CwH. Given the potential this has from the unbelievably painful place the HFs are in, I expect it to go much much higher. Maybe it'll get to the 700 area and retrace a little then go back up? Who knows. In the chart here I saw that there's a very consistent upward trend line showing the way to reasonable expectations for the price action. It may prove more accurate in the long term. I'm long the stock and have no doubt that we'll see some completely bonkers returns, but as far as a timeline I'll leave that to the dreamers. No way of telling for sure. All I know is, at some point, the shorters are gonna have to pay the piper. If they don't it will have devastating repercussions on the American free market, and the world market as a whole. No one will trust the American market for a very long time and the long-term losses will be astronomical. It will effectively tell the world that democracy and free markets are dead. I have trouble believing the government would pass up the opportunity to collect all those tax dollars from all us knuckle-dragging, poo-flinging primates once we drain the HFs, anyway. But, given what complete turncoat, lying mfers they've been we can only hope they'll play by the rules that got us all into this whole thing. Either way, hodl me hearties. Hodl. It's worth my money to make them sweat. NEVER FORGET 2008.
NYSE:GMELong
by Incogniteaux
ENDGAME - GAMESTOP - $GME - PT: 2000I believe that with GME... We are witnessing a complete failure of the MM to control the SP... A true free market. It appears that the squeeze has not been squoze... Retail Impulse Wave 3 is coming.. You must hedge in the "real" market. I have forecasted that SPY will correct in Mar-Apr. and institutional liquidation due to another impulse wave in the BANG stocks will cause this... Vlad Tenev admitted that they were about to have a liquidity issue during Wave 1. The sharks smell blood in the water and they will pounce again... even harder this time. Do not underestimate this... traditional investors. TECHNICAL VIEW: - The beauty is that without algorithmic pressure... it is possible to have PERFECT Elliot Motive Waves... See my previous forecasts on the BANG Stocks. - Wave 3 PT: 765 - Wave 5 PT: 2000
NYSE:GMELong
by UnknownUnicorn1043646
12
GameStop | Real Roller CoasterWhat a ride it has been so far for $GME this month. It is like an actual roller coaster: from having January flashbacks with insane gains, towards a huge sell-off within minutes. $GME has been haltered several times today where we experienced a 50% drop within half an hour. Since then, it recovered and hovers around the ~ $260 area. These developments are crazy, but very interesting to see. Where shorters are having a hard time as of this moment, Reddit HODLers are waiting for new highs. I personally think we will have the same effect as the one from late January. At that time, we saw a huge sell-off, followed by massive regains. We can already see the same effect happening a bit as of this moment, but I hope to see $GME moving back towards the $300 range first, with eventually having a better outlook than late January’s. In the end, this stock is very, I mean very volatile at this moment. Will we see more upsides, or will $GME face another cool-down period? What do you think?
NYSE:GME
by djaanos
3
AMCI won’t bore y’all with the fundamentals that are the foundation of my bullish case, but, as you know, I’ve been cheering these social media stocks on. I have multiple positions in AMC. I added more at the predictable dip at 11am today. My question to y’all. What do we close at today? My personal opinion is that it is going to be a very exciting PH (power hour). My guess. 14$ eod :). -for the sake of all my contracts expiring Friday. No worries. I got plenty o’ shares.
NYSE:AMCLong
by SwissVegaPhyle
4
"💎🙌" - The Absurdity of Setting a Take Profit for GMEMy opinions are not financial advice! I have not taken, and do not plan to, take any position on GME in the near future. The purpose of this post is to try and show how utterly ridiculous it is to set a take profit, and a little bit of the... math I've seen behind it. "Goooood morning, WSB investors! This afternoon's YOLO lottery rounded out to a solid 'n' sturdy thirty! Ten outta Discord -- thanks to the advice of PoopMaster69! One institutional investor down, so I guess you're all screwed. 'Cause Melvin will NOT let that go. Got another life savings loss on Reddit. 18-year olds are at it again, pokin' holes in their grandpa's retirement fund." -- CyberPunk 2021 Backstory I find it interesting that some retail 'investors' have tried to pinpoint an actual price to take profit on GME. Rumors have flown around about the cause of the pump, with the firing of GameStop's CFO being the #1 theory. While no one knows for sure, all of us can be sure of one thing -- retail investors didn't cause the pump, whales did. The "Hot" stocks, including GME, AMC, EXPR, and BB, were all lit up at the same time around 2:30pm. This is not our game -- unless WSB can muster the same collective buying force that was displayed on their first "pump", this is the whale's game, and retail investors are just a small frog in a large pond. There is no way to set a definitive TP for an unpredictable stock like GME. The 'Math' According to past trends, the second wave of a pump tends to hover around 60-70% of the ATH. This aligns closely with the Fibonacci Retracement level of 0.618. We can see here that GME hit resistance around $330 and was rejected several times, making this the ideal price to take profit at. In addition, the bullish volume of the pump did not show very strong signs of resistance. Fin I saw a few "analyses" along the lines of that 'Math' being shared in communities. Though that's not the actual math -- that's my own, using the same logic. I'm by no means a professional trader, but you don't need to be an institutional investor or a full-time day trader to realize how absurd the reasoning behind setting a TP for such an unpredictable stock would be. GME is a prime example of "get rich quick or die trying" -- in my personal opinion, if you're going to insist on riding it to the moon, take percentage profits as you go -- that way, when GME or any of the other "hot" stocks suddenly starts following Newton's third law, you won't curse yourself for not taking a profit. And no, GME is not the next Bitcoin -- there are a large number of reasons that should be abundantly clear. We'll see how accurate the 'math' is. Sadly, I will not be riding GME 🚀🌙. On the bright side, tomorrow is my birthday, so there'll be an abundance of Discord server drama and fresh entertainment from the WSB subreddit. Remember -- any profit is better than no profit . Ciao!
NYSE:GMELong
by DecentraNet
2
GME's New BasementI'm going to start off with, I told yall so. Now that that's out the way, we are leaving my area of expertise. I got a warning placing a trend line alarm that I should switch to log, and that's when I realized I'm just along for the ride. After reading through everything I have, I fully believe this thing is going to the stratosphere and I'm proud to be along for the ride. My plan is to sell at 777 a small portion to cover most of this years expenses. I have a confirmed order placed for my wife's contribution to go off at 1,600. The rest is riding till I feel it's time to leave. This will be my last post on this until we get back to this range after, where I plan to put most if it back in. I'll update with sells. Goodluck, and happy trading. 172 @ 50.23 PT Infinite
NYSE:GMELong
by LemonKing