PINS PINTEREST - How to catch a runaway unicorn! Buy Signal
When a new unicorn leaps out of the gates on listing it can create FOMO - fear of missing out.
Should we chase the magical unicorn and possibly pay too much? Or set a trap.
Initially PINS popped and rose quickly but soon ran out of gas and floundered. Waiting for a new low before setting the trap we can wait until price closes above the high of the third lowest daily candle before we enter. green line.
Price is now consolidating above this line = this is the buy zone. Use a stop loss below the red line low to protect capital. Rule number one is always protect capital. always use a stop loss.
Should we chase the magical unicorn and possibly pay too much? Or set a trap.
Initially PINS popped and rose quickly but soon ran out of gas and floundered. Waiting for a new low before setting the trap we can wait until price closes above the high of the third lowest daily candle before we enter. green line.
Price is now consolidating above this line = this is the buy zone. Use a stop loss below the red line low to protect capital. Rule number one is always protect capital. always use a stop loss.
I will feel more bullish when price is above $30. A breach below $26 likely leads to a new all time low.