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Trading Edge 2020 Portoflio -Trade #1 - MJ - Under loved Pot ETFTrading Edge 2020 Portfolio trade #1 Ticker: MJ Position: - Looking at long dated call options (Jan 15th 2021) - $15 strike (ITM, gives some degree of protection against theta decay) - Cost (approximately $460/ contract, at current mid bid and ask, willing to go as high as $5.00) - 0.72 Delta (ITM) - Running 2x contracts (allows us to sell one on the way up, also makes a more meaningful position size) Profit Target/ Exit: - looking for mean reversion to allow us to sell half to have a riskless trade, this would require a move to around the $22.50 - $23.00 range - Given the fact the position is a long-dated option, we will not run a technical stop, instead we will let the position run and check to see if it performers or not (i.e. no point running a 50% stop and getting stopped out, 1 month into a 12 month contract). Rationale: - Speculative counter trend play on MJ, given the overwhelming negative sentiment - Simple position to manage, the long-dated nature means that we have 12 months for this ETF to regain it's legs, also means that if we get a market correction, we have the time to ride it out - Despite the price action, MJ has been a high beta performer, if we are going through a 'melt up' phase, then MJ is likely to be swept up in the euphoria - Both MACD and RSI signaling a possible bullish reversal (or even just a potential bear rally) - Moving averages signaling a possible bounce is due, not necessarily a total trend reversal - TradingEdge Portfolio spreadsheet available to view here >>> docs.google.com
AMEX:MJLong
by Profit_Link
ACB goldgreenboiWork out where you want to buy and sell based on the info provided on the chart, make your own financial decisions . This is the treasure map . No X marks the spot however. Hint: Horizontal Lines are strong levels and solid targets. Trend Lines are not as reliable or as solid as Horizontal Lines. ACB Financials are growing exponentially, their sales and timing are impeccable with the markets. Canada legalised Cannabis on 17th October 2018. B uy the R umour, S ell the N ews. 1 May 2019 - Canada would introduce excise tax on all products containing THC, and introduce three new product classes for recreational sale: cannabis edibles, cannabis extracts, and cannabis topicals. NYSE:ACB TSX:ACB FWB:21P
FWB:21PLong
by Mt.BFX
48North - The Small Cap Cannabis Company To WatchI have maintained a long thesis on 48North Cannabis Corporation since October 2018, and the trade worked wonderfully into March of last year. However, 48North pulled back alongside the entire cannabis sector, and rightfully so on some of their own missteps. As a brief introduction, I believe 48North's competitive advantage stems from their outdoor grow operation, creating a low cost of goods operating model that will enable 48North to price products competitively and reward investors with higher gross margin performance when compared against the peer group. It should be noted that 48North missed their production guidance for 2019- resulting from delayed licensing for drying rooms. In 2019 48North demonstrated that outdoor grown cannabis can be completed at scale, at a low cost, and successfully pass Health Canada's quality control standards. From a chart perspective I'm considering the Elliott Wave ABC pattern to be completed with a clean retracement & double bottom at $0.315 - neatly correlating with the 161.8 fib extension of Wave A Current Market Cap: $63M Cash on Hand: $40M It is my opinion that 48North's cash position reduces the need for any capital injection through 2020. Frankly- it is going to be in the hands of 48North to demonstrate in 2020 that they truly can achieve their projected outdoor harvest numbers with drying capacity not being a barrier in 2020.
NLong
by tomthetrader1
8
Cannabis will reach the US... sooner than later!Recent significant events: House Passes Bill to Protect Banking for Marijuana Businesses Measure would prevent federal regulators from penalizing institutions that serve companies operating in states where cannabis is legal. // September 25th, 2019 House committee approves landmark bill legalizing marijuana at the federal level The House Judiciary Committee (Democratic-controlled) approved a bill that decriminalizes marijuana on the federal level, removing it from Schedule 1 of the Controlled Substances Act. The legislation, which passed 24 to 10, has a high chance of approval in the full House where Democrats control the chamber with 234 seats. It’s likely to face a tougher battle in the Republican-controlled Senate, where Majority Leader Mitch McConnell opposes marijuana legalization. // November 19th, 2019 There is no date for the senate to review the bill; we could see large volatility then. (will update asap) Technical analysis: Volume on the ladder of the events created the 3rd largest volume daily since MJ ETF was created (2016). 20SMA is our nearest resistance. --Keeping cannabis related stocks/ETFs closely watched.
AMEX:MJLong
by dorfmanmaster
CGC $12-$13 BottomBeen calling $12.5 for a couple weeks now, and a few things making this setup perfect. 1. It's reaching this level in extreme oversold conditions 2. Overall market on fire at ATH rn. 3. Santi Claus is coming? Looking for a really nice monthly bounce. Below are my targets, and whether or not I take profit at 1 or 2 depends on how we get there. Target 1 = .382 Fib of the drop from ATH ~ $23 Target 2 = .5 Fib of the drop from ATH ~ $27 Target 3 = .618 Fib of the drop from ATH (Main Target) ~$33 Risk: Will be scaling into OTM APR options to maximize my R/R, and taking on 100% risk, as I am confident we WILL get a bounce at some point soon because of how extended we are. Wheter it's $13, $12.5, or even $10 it doesn't really matter, I'll just have to lower my targets. GL to all my MJ bulls. Better days ahead. -ill
CLong
by Illm4tic
End of the Hex on Hexo?Just looking through some MJ charts and this one stood out. Of course it depends on what the overall market does, but there are some nice signs here - double bottom, bullish divergence on daily rsi, holding onto a weekly trendline, close to an ADX cross etc. Had a nice green volume spike Friday, and I'd like to see what the retracement looks like. It's risky to enter right away, but putting it on a watch list would be smart. Remember, everything could go a lot lower than we think! Best wishes to you and your trades
H
by the_sunship
CRON TESTING TREND LINE!Hello Traders, Welcome back to another chart, Today’s chart will be on the MJ sector – CRON Points to consider, - Price is trending bullish up retest of trend line - Local resistance a .618 Fibonacci Line - RSI coming into apex - Stochs testing resistance - EMA’s giving price resistance at current given time - Volume is well below average - VPVR, showing low volume of transactions from current point - Current support is being held by the Fibonacci extension – 1.272 zone CRON is in an interesting place at current given time, it is testing it’s upwards trend line, CRON bulls and or bears have an opportunity to take over from this point… Price is currently testing support being provided by the Fibonacci Extension which is in confluence with the upwards trend line. Bull have the probability of pushing price up from here as CRON has had a major downwards rally, it would only be natural for the price to have a relief rally… The RSI is getting closer to its apex whilst the stochastics is testing its local resistance. Volume is currently well below average, we need to see an increase in volume if price where to break either direction. If CRON is able to respect its trend line, then the probability of retracing back to the .618 Fibonacci is more favourable, posting a potential gain of 20.56%. However if bears break this support and trend line, then CRON can test next lower local support, posting a gain of 27%... A break either way needs to be confirmed with volume, the VPVR shows low levels of transactions from this point both ways, price should be able to reach targets comfortable upon breakout… What are your thoughts? Will CRON respect trend line or break bearish and test lower levels? Please leave a like and comment And remember, “Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager
NASDAQ:CRON
by AzizKhanZamani
6
Take a hit on CGC?It's possible the bottom is in for CGC, although I'm not certain. It still "feels" a bit shallow to me, but there's no denying we have a nice little rally. I wish the volume was more pronounced, so it makes me hesitant to say the "bottoms in". I do think it's a buy at 27 or under as the daily momentum should push it to the trendline at 31 within a few weeks (also this is at the .382 fib and the gap fill area). However, if the general market starts to sell off, the MJ stocks will definately be dumped and I can see this going to the support at the 17 area. Please use appropriate stops! Good luck and trade safe!
CLong
by the_sunship
JWCA:TSXV - James E Wagner Cultivation: trying to curlJWCA:TSXV - James E Wagner Cultivation: trying to curl while general sector is weak, aside from the brief pop two Fridays ago this has built a decent base in the last three weeks in the high 70c to low 80c range. 81c is currently the biggest psychological resistance as we haven't had any ability to hold gains above it, 81c will also represent the middle BB line. Also remains stuck under the 50dma & 200dma. While these indicators are not in a bullish setup, I remain long term bullish on the stock as near term catalysts such as oil sales license is expected soon as is the first harvest from phase 1 JWC2 facility which will represent their first harvest for recreational use greatly expanding revenue. This little LP has great IP in their growth storm technology as well as great quality cannabis and is significantly under valued. TSXV:JWCA
JLong
by justin_paul
TLRY vs. EOS in the Weekly: Crazily Similar!Hello dear Cannabis/MJ-Sector friends. I just wanna make you aware of the crazy similarities between TLRY & EOS from the crypto world: On the last run up, EOS 5xed and Tilray 10xed Up until the Weekly Triangle equilibrium, both had corrected 73% from their tops which is almost scary Before the break of the EQ in EOS, I had looked at potential previous S/R zones before the run up, and had identified 2 Dollar psychological: I had posted this before grandpa Bitcoin broke its Weekly EQ bearish, and played EOS on the break to the downside. It was one of my single biggest winners last year, EOS went even under 2 Dollar, giving us more than 60% to the downside This does not mean that TLRY has to break bearish automatically, as this is due to the fundamentals in the Cannabis sector. But for the case it does , we can definitely see a very similar hype pattern here, which saw a big correction already, and most importantly, could still see some big downward movement. Therefore, look for the break of 75.25 Weekly HL for some huge short potential, at least up until the previous resistance of 64-67. If that doesn't hold, the EOS case could repeat here for amazing shorting profit If you had some value from my analysis, give it a thumbs-up, so other traders will see it too. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :) No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges. About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally in 2013.
NASDAQ:TLRY
by Edgy_
1