Auction to $16

Since publishing the long idea in late August at $4.29 (orange circle) price action has zoomed up 1000%. Not bad. A number of reasons now exist to be short. They include:

1) Price action has arrived at significant support and resistance, $41.

2) RSI is @ 95 on the 5-day, 97 on the weekly chart. The highest in the history of this chart.

3) Price action is four sigmas from the Bollinger Band mean. Four! (see 5-day chart below). How significant is this? If you’re a probability nerd like myself, you’ll know. If you should take away anything from this it is, Price action will ALWAYS interact with the Mean 90% of the time (the orange middle line). Right now that price is $11.

4) Some other reasons said elsewhere.

Is it possible price action keeps going up? Sure.
Is it probable? No.

Ww

Type: trade
Risk: 2-3%
Timeframe for short: Couldn’t say




5-day Bollinger Band

Transaction en cours

Commentaire:

At this rate the target shall be accomplished in the days ahead.

Trade fermée: cible de profit atteinte:

Touched 17.30, good enough.

Transaction en cours:

Although the target was already achieved it is about to happen again. Thought you all should know because there is a ridiculous number of long ideas out there.

2-day

Transaction en cours:

(again).

Transaction en cours:

GRM resistance confirmed.

Trade fermée: cible de profit atteinte:

Wait for price action to fall below $8 before entering the consolidation area as shown below.

5 day