"Markets are in a constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected"- George Soros
Weed has been a disappointing ride for the majority of public investors and almost reminds me of the Facebook IPO. If you look at my past charts you will see I also took a crack at buying ACB @7.60 with a stop...
I like this area to sell short because I will know very quickly if I am wrong or not. I did not draw my stop or entry as this chart is already busy enough.
Entry: short $17.30-17.50 limit Unless pre market gaps up, then stay out.
Stop $19.50: This is a worst case scenario stop, if the market closes above the lower green median with a volume of over 123M shares...
After market failed a line of buyers I previously mentioned (did not buy as price did not break with volume) and after studying volume I believe this market is going to drop south of the range. If you are long beware!
Market failed line of buyers on chart I previously posted, this happens and I did not get long as it did not break with volume. I will continue to keep an eye on this market.
Market did not quite hit estimated target but came close and failed at a median line, I was able to lock in some decent profit. Looking for shorts on Monday as I expect this market to continue to drop.
I tried to link my charts to my previous posts however it did not work, I am not very familiar with this site yet.
take a look at the 2 previous pivots I labeled P2 and P4 near the high of the range, does not take a rocket scientist to see the change in behaviour.
Enter upon a break of horizontal line with volume with a worst case scenario stop at 1.17 THAT YOU...
Updating my previous analysis and in future charts I will be describing my thought process exactly as I will be entering it into my personal trading journal. After my previous chart I was able to get a fill the following Monday (December 10) @1.10 long. I rode the market up while locking in profit behind it for 2 days, on the third day I exited at 1.50 as buyers...
Buyers have not had much of a leg to stand on. Some buyers tried to catch a bounce upon retesting DTL from the upside however were quickly taken out. I expect there to be another wave of buyers at HR1 likely stronger than the last which could pull us back to the DTL. After that I believe there is a high probability of forming an overall P5 but prices may trickle...
After breaking 0-2DTL I believe there is a good possibility of a rise up to 24.4 forcing short sellers to cover before heading down to finish our final leg.
