The breakout above the TR didn't hold and price is back into the range. The demand line has also been violated. This has the potential to turn into a short after a retracement and another subsequent failure. Gringo
FB is at a crucial level. Failure around here has the potential to get dramatic. Price also could just stay within the trading range and attempt to reach the bottom around 73. Gringo
I don't pay attention to patterns. Price is currently rising. Even if it's head and shoulders generally speaking people wait for the neckline to break. I am not beholden by any such rules. Around that resistance if price weakens it's a short otherwise not. By the time neck line breaks it's already too late in my opinion. Gringo
AAPL needs to be watched closely here. A turn downwards here or around the upper TC would be places where a short might present itself. AAPL and NQ have been moving reasonably in tandem so I keep an eye on both. Gringo
hey gringo did u ever thought about combining your threads and pick the best stocks to trade upon ? like SPY > compare the sectors >pick the strongest sectors >pick the strongest stock within that sector , vice versa for shorts ? like so... (example) xlv Vs.Spy weekly xlv vs Stock vs. spy daily xlv vs. stock H1
My concern with the TSLA H/S is that it seems a little bit too convenient/obvious to anyone looking at the chart. Retail is most likely going to jump on that and big money is probably going to rip their faces off (while their shorts are being filled in the process).
It's just easier and less time consuming to focus on the index. Stocks are not bad but there's an extra bit of risk with earnings etc.
TSLA has already been close enough to the 260 level. I don't know if it's going to come back to test it again or head down. I am not a buyer at this level. It's either short or an avoid until the R is cleared. Gringo