MJ Looking like a bottom MJ looking like a bottom and may want to get higher? Not sure, may want to consolidate a bit before breaking.. Who knows, either way it looks like a bottom may be formed.
MJ trade ideas
MJ LongWeekly Wedge breakout
Entry 13
Stop 9
target: 26;
MJ is an ETF of Marijuana.
Under this group, many stocks are showing the same pattern:
Weekly Wedge Breakout or downtrend channel breakout
In last week pullback, Many of them retested the trendline, which provided ideal buy price.
Today, I also long following Marijuana Stocks.
ACB, TLRY, APHA, CRON, VFF, NBEV, OGI, CRBP
I am not a PRO trader. I need few months to practice trading strategies.
If you like this idea, please use SIM/Demo account to try it, until my trading plans get high winning rate.
Cannabis Stocks, have bottomed, $CGC $TLRY $MJ$CGC is the gold standard, top performer of all time,
Target 1, $30
Target 2, $40
Target 3, $70
$TLRY was the hardest pumpin IPO made over 1000%
Target 1, $8.9
Target 2, $13.79
Target 3, $28
$MJ is more of an Index/ETF
Target 1, $15
Target 2, $22
#LEGALIZEIT $MJ ETF Daily ChartYou already know it... Holding the mj sector longterm & reinvesting dividends & diversifying in new canna tech businesses will = financial freedom ♾ might need another 10 years but well worth the wait later on!
JUST #LEGALIZEIT ~~~
BLAZE IT & reap in those extra tax revenues for schools, roads ect...
its just plain stupid for tax payers to continue to pay for incarcerated immates over a FKn plant that the good god put on this earth for a reason & has been used for thousands of years medicinally.
MJ- Cannabis stocks in the accumulation zoneACB, APHA, CGC, CRON, GTBIF, TLRY are in my Cannabis watchlist. I am bullish on APHA and GTBIF.
MJ is a more conservative approach to capture the gain with limited downside risk.
Ladder buy within the demand zone. Set the stop loss 10% to 15% below the demand zone for the swing to intermediate setup.
SHOPify and BTC updateplease follow and like if you find this interesting and helps you, cheers, Rick
ETFMJ- Cannabis ETF- Capture the gain (Industry)Cannabis industry, after a wild run-up and capitulation in 2018, has been trading under its intrinsic value for a while.
For investors who want the exposure to the industry without taking on the excessive amount of risk associated with individual cannabis stocks, ETFMG Alternative Harvest ETF is the way to go.
Go long now in the trading range or go long in the demand zone if the consolidation break-down happens.
MJWeed breaking down? Will be watching for short plays in individual names next week if the weakness continues.
Marijuana ETF MANAGERS TRUST - $MJ Daily SQUEEZEDaily Squeeze on MJ is setting up very nicely! Looking forward to burnin more of those green candles!
MJ - Possible Buy Opportunity and longtime outlookCurrently MJ is touching a trendline resistance the third time. If a bounce is confirmed, this is a low risk long opportunity. Tight stop losses are a must. Cannabis is still a bear market and a high risk sector.
On the really longer term (monthly chart) RSI is coming from oversold and MACD is closing in. If there is a MACD cross on the monthly, this will likely be followed by a daily golden cross (50 EMA green - 200 EMA yellow). If those things happen (probably until end of year), the chances are high that the cannabis sector will then finally enter a new bull market. I have my alarms set.
New upwards channel starting in MJI started a position today at $13.40. I like this ETF as catalyst story in an election year. We all know the U.S. is slowly opening its doors for the marijuana story. Maybe we can get an election boost out of this name.
I wanted to get in lower, but I see an upwards channel forming! What are your thoughts?
$MJ Daily Chart is about to get LITBeen a while since I've done an update on MJ so here it is & man does this look ready to rip! 200SMA X 50SMA Squeeze watching for the golden cross-up! Accumulation is the name of the game, I cant see this heading anywhere but up from this point! This chart is TIGHT, imho we should see some decent moves in the mj industry in the near future.
Price alerts above $15 for breakout confirmation
Is it Up in Smoke for Pot Stocks? | ALTERNATIVE HARVEST ($MJ)🌿 Alternative Harvest is on its way up after an extremely bearish last half of 2019 for pot stocks, but is it up in smoke or down in ashes for MJ? Right now we have MJ rallying off the bottom as darlings of cannabis like Aurora and Tilray push higher. This move in some pot stocks has pushed others up. Some of this is fundamental, with some better than expected earnings and one study that shows that maybe smoking pot helps ward off COVID, while some of this seems to be FOMO. Although pot stocks can really run when they run, the overall bearishness of the trend has us looking to short exhaustion from this rally... even if it is just as a hedge (although we will likely wait until Tuesday's open to execute this since we have a three day weekend).
Resource: www.thestreet.com
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1. Fractal Trend is showing a downtrend (Maroon bar color) on the 4-hour timeframe. Despite the recent strength in MJ, the trend has been bearish for a while.
2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon line color) and/or bearish S/R levels plotted by Directional Bias (Maroon line color).
3. We are looking for a short entry off of the range formed by the R1 bearish order block with a stop placed at the gap and a target of the S1 order block + S/R flip cluster.
4. If that entry doesn't work, we are looking for a short entry off of the major S/R flip at R2 with a stop placed above the R3 order block cluster and a target of S1.
5. Additional notable levels include S2 and S3. Notable here is that a bounce off S1 would create a potential series of higher lows lending to the bull case for MJ, while a break to S2 or S3 would break the short term bullish structure and lend itself to the overall bearish bias the chart already has.
This short setup makes a lot of sense to us given how bearish MJ has been over the past year and are not trying to catch any knives calling a bottom too early. That said, due to recent strength and a three day weekend for the retail markets it makes sense to hold off on opening a short until Tuesday.
Good luck MJ traders!
Time to get high?MJ ETF seems to break its first steep and quite long term downtrend line.
- Ichimoku stup is neutral with bullish bias as forward Kumo has already crossed up, Price is above Kijun and cloud.
- EWO (AO) is positive
- It should make a higher high above 14 (which is weekly Kijun Sen level) to give a confirmation and increase odds for a sustained bullish move towards the more serious 21,50-23,50 resistance zone. A close above 14 would also push Chikou Span (lagging line) into open space, above past cloud components.
For now a moderate bullish position is recommended, Size up only above 14.
MJ - you knowThis sector has to do well from here. More states and federal are going to need more tax revenues..
Daily Chart on $MJ Breakout or Fakout?The MJ Sector has been down-trending since March of 2019, still has yet to see a real bounce with a solid continuation. As of May 2020 it looks like we are ready to bounce but still, I am weary that they will do another fakeout breakout.
Anyhow, I am expecting MJ's price to eventually break above these down-trending lines. They are still rejecting the price down, so we could see a pullback or a breakout above the down-trending lines as it looks like we are squeezing once again.
Anyhow GLTA & Collect those sweet dividends.
Cannabis Looking Strong. (MJ)Last post on MJ Alternative Harvest we started we were opening longs @ $11.90
Currently sitting up 5%
We took this position based off the large timeframes, the weekly and 2 week.
Now you see a breakout with a settlement back on old Resistance to test as support.
Key is to play this as support. If it shifted right and than turned to break support back below the pattern upward support. We would than look for possible Retracement.
I'll stay put with my position for now.
This could be a really good time to diversify into the cannabis sector.
Enjoy, hope she keeps trucking!
Will keep you updated
