LOL, im just re-reading now and paying more attention i love this line, why catch a falling knife when you can juggle flaming machetes, hahahahaha Im totally stealing this one sorry dude.
LOL, fundamental case is garbage we both agree there, infact we both agree its almost always a short, this thing is starting to remind me of DRYS. But here is what im looking at on a daily. See that gap down red bar on the daily that failed to take out the lows? Thats not necessarily a big thing, but you know goddamn well that every trader and their dog is shorting it there on the gap down on the roll over on the daily thinking its going to clear out the lows. But then whats even more important, it gaps down again the next day, and not only does the bottom hold on a break out it then goes up on volume, and turns into a green bar. Now you can dismiss that kind of shit on a daily as long as it rolls over, TODAY...... but once it puts in another greenbar like today it tells me buyers are there, someoine is willing to absorb it and buy it up below 12.50, 12.50 is now rock solid support IMO, still not willing to buy this piece of shit, but someone is buying it at those levels cause it should have broken down twice, then it didnt roll over today like a good little piece of trash. I have no clue where its going but i know it should had to roll over today especially after those last 2 bars were so powerful, if it didnt roll over today it means those 2 bars i was talking about are indeed incredibly powerful. I dont think 12.50 breaks now.
I giggle to myself every time that image comes into my mind. And all yours to use! I use it pretty frequently myself. It's my favorite
I hate telling people my direct opinion, but with SNAP, if it gets over 13.30 its going to 14 i will probably be going long.
Think about SNAPS daily like its a 2 minute chart, all charts work the same just on different time frames, but the daily chart looks like a mint long set up, if you think of it as a 2 minute chart and dismiss what a piece of shit SNAP is as a company.
That's a good point...I also didn't factor the lock up expiration into it, which means the volume may be less significant. The green wall was fully 1/4 of pure earnings average daily...but if 30 million is the new normal... I suspect that will make a squeeze less likely though. I'm not a big IPO guy, but it strikes me as strange we would recover post earnings losses on sustained bullishness so quickly. The bears didn't just go into hibernation on this one. One way or the other, tomorrow is likely to be a big day for me.
I agree 13.30 and it's a bull. 2-min charts don't gap though. But you're right that it does look like rounding the bottom. The longer the time frame, the more bullish it looks. The close (so close to my entry) does suggest optimism relative to S/R, but that could just be the tail end of institutional getting in after lock up Armageddon didn't happen. The volume would seem to support that. To that end, I don't believe this is optimism looking for a gap up tomorrow, but longer term optimism. So, unless we gap or of S/R, I'm bearish here. 13.25 made an impressive stand today, quite unexpectedly. I had my order ready to fire to stop out, and got bored watching it. I thought I had seconds, but held for nearly 20 mins.
Good luck wish i could stay and chat but got to go to a bachelor party, just stick to the plan, anything over 13.30 get out of the way.!! Anything below that start ordering up hookers and blow.
Enjoy your party! And we shall see tomorrow. The 1 month daily chart reminds me of some of the swing patterns I used to use as entries when I started candlesticking and swing trading... Best prediction I have here is that we'll open one side of 13.25-13.30, and make a sustained move away from it.
It sounds like you're going to have a super terrific bachelor party! Remember, don't try to trade when you're hung-over! Bad juju!