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WEED trade ideas

Looking like the end of the run.If you look at the hourly RSI this is where the last drop occured. Like APH this appears to be the top of a wave. Above average Bull volume to end the day looks like we will get another test of 33.50 however I dont think it breaks here. It should restest 32 and try again however If it doesnt hold this time it looks like it will move back to the 30's. Safe play is to sell around 30.50 and watch. You should be able to buy back again at this area for a bit of a bounce but I believe Its final destination should be around the $30.00 mark. However that should be a few days away. If we can bust 33.50 then It should make its way to 34.60 the buy in price where it should reject again.
TSX:WEED
by dburke44
WEED daily needs some volumeWEED daily chart looking like a bull flag right at downtrend resistance. Holding the daily mbb and hourly higher low today were great signs for the bulls. RSI favors bulls and MACD starting to poke through resistance. Game plan: break 30.70 with higher than average volume will put me in a starter position, with the rest being added on the break of 31.46. Position size will be appropriate to a stop loss under the daily higher lows - or a portion of profit taken on a first push up to give wiggle room to my position size and stop.
TSX:WEED
by DZ3572
WEED hourly needs a higher lowWatching 3 areas as possible support for an hourly higher low for WEED, first is a back test of the daily downtrend line, approximately 29.38 - this would also have an oversold 5 min RSI. Second would be that we hold that 29.55 area, see an equilibrium form on the 15 min and have a solid break to play. Third would be a bottom fish off the low of yesterday at 29.76 which would be very oversold on the 15 min should we drop down there fast. If we lose 29.76, then patience would have me wait for previous resistances of 27.83 and 27.50 to act as support before 27 because of the lack of support established in that range. Bulls would love to continue to consolidate above the daily MBB and break the daily downtrend with a clear break of 31.46.
TSX:WEED
by DZ3572
1
At the mercy of the market but now we have a nice channelIf you look at my big blue arrows you will see the other channels this has gone through. These usually last 3-4 waves. I expect weed to move with the market when its up we should move towards 31 where we have now rejected twice. When its down it should move towards the low 27's. After the 3rd wave expect a big impulse in one direction or the other. This should fit in to the timeline with the June 7th vote. Ill be playing WEED a lot at this time. Also I have noticed the SPY will give you a good 10 mins heads up to get in or out of a trade. When I saw the SPY dump today I shorted this stock at 30.50. I was also able to get out of an APH trade at 10.05 before it tanked as well. Keep this in mind while trading. I expect a few more RED days as it appears the SPY has a date with the 200 day MA at 261
TSX:WEED
by dburke44
Going to need some help to break 30. Markets closed strong. MJ sector closed strong. WEED stock shot up 10 cents in the last 5 minutes and closed on a full green candle. All of this is pointing to a strong open. Heavy resistance from the 200 Hour MA at 29.80 and 30.05 where the 50 day MA sits. With the markets looking like a strong open I expect us to test it early. The next big test is 30.55 followed by 31.50. After that its pretty clear to the 34.50 BMO deal which has sent us plummeting in the past. Weed looking to uplist on the NASDAQ sometime this quarter so I would say this looks like a good time to go long.
TSX:WEEDLong
by dburke44
Will WEED break the triangle?Since the last update WEED has been correcting within the triangle that I had defined, slowly making its way down and bouncing really hard off the upward trend line, taking it to the top of the triangle and closing on the 61.8% Fibonacci retrace. There is some resistance at this point as it will try to break its way out of the triangle for confirmation of a bullish signal if we can close somewhere around 30.50. We are not overbought on the 4H RSI and are now using the EMA20 as support and keep in mind that the EMA50 is about the cross over the EMA20 which is also a bullish signal, so hopefully we can close above the triangle and head towards new resistance at around 31 and then 32. Thanks for viewing my charts!
TSX:WEED
by BTCanadian
WEED hourly trade plan 2 scenariosBull scenario - we break 27.50 and 27.83 for hourly higher highs - in which case I would be targeting previous support of 29.55 which lines up amazingly with that downtrend resistance line - likely to scale out partial profits sooner since that's an ambitious target percentage wise. Bear scenario - 27 dollars breaks down and I start to watch for an oversold bounce in the low 26's or even 25's depending on the time and RSI levels when it gets there - if it is a deep flush and 5 and 15 get oversold quickly and take the hourly down, I will start scaling in a bit faster, if it's a slow grind down like we have been experiencing - I will stay much more patient. Initial target for the bounce would then be 27 previous support now strong resistance.
TSX:WEED
by DZ3572
Markets recovering and sitting on good supportSince we are at the Mercy of the market and are delayed a bit behind the SPY. I expect a nice strong open tomorrow morning. Spy went on a heater the last 5 mins and had a big 60 cent buy. We closed right on a support as well. As I see it we should see a gap up and start to make our ascent upwards. If this happens our worst case scenario should see at least a 25% recovery tomorrow from the previous drop. That would put us around 27.90. However I believe the next potential stop is the 100 hour MA at 28.50 followed by the 100 day at 29.25. Worst case scenario is we drop at open. Look for 27.00 to be our stop. As is it looks like we have a bottom however here or in the very near future. So if you are in now set a stop loss at around 26.95. I cant see that dropping because if it does we will be approaching the 23.00 range.
TSX:WEEDLong
by dburke44
Canada will legalize Marijuana on July 1st, 2018, trade WEEDFulfilling a campaign promise, Prime Minister Justin Trudeau's Liberal Party passed a bill easing restrictions in March—the drug has been available for specialized medical use from dispensaries in several Canadian provinces, including British Columbia and Alberta, since 2001. The new law will come into effect on July 1 2018. Can't trade this in USA, but except the biggest CANADA company soon will rocket up... if you can buy, would do this at around $26 or call options.
TSX:WEEDLong
by Anbat