I like to watch out for high volume candles on larger TFs as a sign of reversals. Reason being that most people are just wrong - they buy or sell too late.
I've highlighted some obvious examples on the chart. As always, it's not a guarantee and I've highlighted where this strategy failed - the first candle that got us over $100.
Though I think this is stock is grossly overrated there's no way I'd short this. I can easily see this crashing down tomorrow or going to $1500 within weeks. Seems as though it's in the "new paradigm" phase so it's anyone's guess when this reverses (for a bit?). I have a feeling that the reveal of Q1 earnings (or even just the estimates) might be a wake up call though.
I've highlighted some obvious examples on the chart. As always, it's not a guarantee and I've highlighted where this strategy failed - the first candle that got us over $100.
Though I think this is stock is grossly overrated there's no way I'd short this. I can easily see this crashing down tomorrow or going to $1500 within weeks. Seems as though it's in the "new paradigm" phase so it's anyone's guess when this reverses (for a bit?). I have a feeling that the reveal of Q1 earnings (or even just the estimates) might be a wake up call though.