FBR trade ideas
FAMOUS BRANDS - Breaking shortterm downtrend - After a heavy sell off as posted in the previous link below, there is early signs of breaking out of the recent downtrend.
- Stock may consolidate first before breaking out
- A close below R5378 would negate the idea
- NB countertrend trade
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
JSE:FBR Famous Brands Markdown Finally StartsFamous Brands price has been sitting at the 8000 level for some time but a break lower can potentially start the markdown. Following the distribution (See posts below) we were anticipating the markdown to start some time back but it looks like it has finally started.
FAMOUS BRANDS - Looking very bearish - Price is in a downtrend below 200ma
- Below R75 could get ugly...
JSE:FBR
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
JSE:FBR Famous Brands Backup Potentially CompleteFamous Brands has been in a redistribution trading range (TR) and we have been looking for the markdown to continue after a backup to the TR (see post below). The backup (BU) action has formed a smaller trading range that has indicated upthrust ( Which is also the BU of the larger range ). Now we have seen a last point of supply (LPSY) and selling volume on earnings and we can expect the markdown to start.
JSE:FBR Famous Brands Markdown Set to ContinueFamous Brands started a trading range (TR) at the end of 2017. It turns out that this was a redistribution TR. After breaking the TR there has been an effort to return to the TR but was unable to do this. After the backup, the markdown is set to continue.
FBR 6 RRR shortTrading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line .
4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement ; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line.
This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for? I will only be posting my unique trading strategy until EOY. I work solely with price action to identify pennants and apply unique trend-based fibonacci retracement levels for SL and TP levels. Reach out to me if you have any questions.
$JSEFBR - Breakout imminentFBR had formed a falling wedge pattern and is now close to a breakout - we will have to wait and see in which direction!
$JSE-FBRJSE:FBR
Broke flat bottom triangle.
Target is around 6000
This is weekly chart so will take time to get there.
JSE:FBR Famous Brands Eyeing MarkupFamous Brands was in a Markdown until the end of 2017. The downward stride has been broken after a selling climax and low volume accumulation. We have now seen a spring form and tests on lower volume. The expectation is for the markup in Phase D to start back to the Yearly Pivot Point before a potential Markup in Phase E.
