jgandolfo586

jgandolfo586

2:1 rr

jgandolfo586

Last chance for bulls for a while.

jgandolfo586

Wait for the bear flag to complete

jgandolfo586

If BABA can remain above the indicated resistance zone, this looks valid for a breakout. TP at next level resistance.

jgandolfo586

Even with price being up 10$, shorts still look valid because that gap will eventually need filled and it should correct to the second trend line based on ichimoku and price structure

jgandolfo586

wedge could lead to a breakout, price is also close to support for a potential double bottom formation.

jgandolfo586

If price remains above 140.20, breakout seems valid based on fib and ichimoku. Earnings in a few days could also alter this.

jgandolfo586

trend

jgandolfo586

Trend

jgandolfo586

Structure

jgandolfo586

I like this setup a lot, looking to enter into some puts at open chart speaks for itself

jgandolfo586

Personally on this pair, I am bearish. I say this because if you look at the overall weekly trend, it is still very bearish. The MACD can converge at any moment it looks like and the rsi is falling as well. I am going to trade the channel and short until price hits the bottom of the trend line.

jgandolfo586

price is trading in a bear flag at the moment, moving averages are pointed downwards looking to take a simple trade to the bottom trend line of the channel.

jgandolfo586

market structure says it all over extended, almost overbought on the rsi, due for a big correction

jgandolfo586

9&26D MA cross, looks like it broke the trend and came back for a retest

jgandolfo586

looks like price isn't done dropping.... just a minor correction. I would like to see the .382 fib pullback before I enter but it looks like price is already selling off. the rsi is pointing to the downside as well.

jgandolfo586

looking to ride the correction to the previous resistance line then look to sell or ride longer if it breaks.

jgandolfo586

common pattern within chart, good chance it will fall hard.