Short

Updated

AMD top or breakout

AMD at a crucial place. This looks like a broadening pattern where a #6 will need to be satisfied over coming weeks and months. A very good place for a top or breakout. 80% of the time I've seen these moves in AMD, it gets destroyed soon after. A lot of impulse and hype buying on the 'news'. This is a classic place smart money takes profit. Therefore, I cannot help but think: WATCH OUT NOW!

Note

resistance on upper TL right around 30. I wouldn't be surprised to see a spike back up. Patterns are just patterns and they can break in either direction.
For all we know, AMD could be at 14 or 16 in the next year:

Note

*correction: for all I know, AMD could be at 60 or 14 in a years time.

Note

glad I waited patiently for this short- Now is the hard part for me- how long can I hold?

Note

might come up to 28.50. Good place to evaluate who's in control:

Note

I'm allowing a large 'short' area for myself (red area).. even as high as a double top at previous high. Patience is key. But the history in AMD shows a serious respected downtrend at this level as seen on weekly chart (2nd chart):

Note

some short term upside here? I wouldn't trust it. Larger renko pulling down:

Note

I see another 9% drop here. I'll use blue trend as decision point.

Note

has the appearance of a bear flag:

Note

amd touched my short term target today. Considering closing out for potential rally or holding on in case it breaks/crashes. what to do

Note

I did in fact close out most of my shorts in 26's before I left for vacation. I held two calls and a few puts as a strangle for a big move. Today, that finally paid off. I'm taking profit on the calls and will now wait for a possible confirmation of a top on the upper trend line again or a fakeout above.. AMD could double top at the prev. high. It's getting back in my 'short territory' but I'm going to wait carefully and slowly increase position.. I've seen a lot of bullish looking fake outs go higher than expected

Note

looking shorty again:

Patience pays off

gghsusa

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

gghsusa