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GME trade ideas

A further 1700% move to $600 for Gamestop in 2024?Bet that title got your attention. Well it might not be as crazy as it seems. An exercise performed by yours truly is to scan through monthly charts on the beginning of each new month. Takes more time than you imagine. Gamestop is certainly worthy of attention on the monthly time frame. On the above monthly chart: 1) It is without question, past resistance confirms support with the close of May on the horizontal support / resistance. Blue arrows. 2) The print for May is a bullish engulfing candle. A candle besting those that printed in May of 2020. 4 years later… Look left. 3) The “Breakout” in stochastic RSI is significant on this time frame. Momentum is surging. 4) The Bull flag pattern breakout is impressive but not yet confirmed. Ideally a backtest would print around the $15 dollar area. 5) Should a back test confirm support then price action is forecast to make a run to just over $600. Is it possible price action delights short sellers with urgently needed corrections? Sure. Is it probable? No. Ww
NYSE:GME
by without_worries
30
If you think $GME trades irrationally……Do you think the spikes we have seen on GME recently are just mindless fomo? Take a look at the weekly chart using Fibonacci retracement from approx the bottom of Roaring Kitty's super rally starting the week of his first YouTube video in 2020 to the top Now that we’re in 2024 and Roaring Kitty is back Where have they spiked to and where did they land? Where are we now? Remember every level of the fib retracement is important You decide HODL ROOOOAAAARRRRR DIAMOND HANDS
NYSE:GMELong
by Fibonaccivix
14
GME: a QUARTERLY THEORY thorough analysis (ATH will be reached)Here is the short explanation about the Quarterly Theory. It divides up a full session into 4 different parts. This can be for daily, weekly, monthly, year, 4 yearly and even longer sessions. The crux of the important part is knowing where to enter. The opening price between quarters 1 and 2 have major significance. If a long position is to be entered, it is always UNDER the opening price between quarters 1 and 2. If a short position is to be entered, it is always OVER the opening price between quarters 1 and 2. There are also basic price action theories that are required to be adhered to, to be able to enter into a position. Two lows or highs broken by significant price action will trigger an entry below or above the 1st and 2nd quarter opening price. I have done most of the work for the readers and quartered the price action of GME into 4 yearly slots.... Each quarter resembles a specific type of price action based on what the first quarter does. Here are the descriptions of each quarter: X - This quarter is either a reversal or a continuation. Typically trades should not be had in this period. This can be generally identified by price action in this quarter. Trades are typically not entered in a quarter that is defined as "X". This will either always be the FIRST quarter or the LAST of the 4 quarters. A - Accumulation: Accumulation typically represents itself as consolidative price action. Price tends to stay in a range. If Accumulation happens in the first quarter, it is not advisable to take a trade from this quarter. If Accumulation happens in the second quarter, trades can be taken. M - Manipulation: Manipulation price action will typically take out a high or a low from either accumulation or the X quarter. Trades can be taken from this quarter. D - Distribution: The price action will vary in this stage, but will sometimes act as a reversal from the Manipulation period or a continuation of it. This is typically when big players are earning their profits. Price action can be mixed in this quarter, but it is always either the 3rd or 4th quarter, depending on how the quarter started. There are 2 different types of quarterly variations. XAMD or AMDX. The first quarter is ALWAYS either an "X" or "A", and from there the pattern can typically be recognized. So let's talk a little bit about the current status of GME using the quarterly theory. As you can see on the chart, GME started a new quarterly cycle in 2019. The first of the 4 year period quarters was a reversal, so we know that the first quarter in the next 16 year cycle from 2019 to 2023 was an "X", as characterized by price action. From 2023 to 2027, price action will be in the "A" cycle (Accumulation). In this 4 year cycle, we can expect the price to be choppy and relatively rangebound as price consolidates, and market makers start entering into positions. So the question is: what kind of positions are these market makers entering? No doubt there has been a major short squeeze starting in 2020. Most of these big players are either offloading their short positions here, and/or have started accumulating for another upside move so they can get into the "action" that they missed. Lets take a closer look: In this zoomed in chart, we can see where price reacted from a POI, cleared at least 2 highs with significant ease, and immediately came back under the 2nd Quarter opening price, which we have talked about earlier is a significant entry point. Now that doesn't mean that you were too late on the trigger to enter. I have a feeling that we did not hit a POI when price jumped down below the 2nd QT open price, so the chances are still good for us to get into a position using a POI that is BELOW that 2nd QT opening price (to long from). Keep in mind, this price action will be consolidative in nature for at least another 2-3 YEARS at least, so if you're going into GME, don't expect to hit the moon without having to wait for the slingshot to speed up for the next couple of years. This general area is where smart money is buying. And yes, it is expected that the All Time High (ATH) above $120 will be cleared for liquidity. Don't be greedy... If you plan to hold for long, don't start thinking that this could go to like $500.... Could it? Sure... But it could also just double top immediately at the $120.75 price and immediately sink. That could be the manipulation quarter unfolding. Yes, GME is a LONGTERM buy.
NYSE:GMELong
by Zulu_Kilo
Don’t panic.All we did was move down to the 200MA 1HR this is typical of ANY stock…… Chill this isn’t a waterfall and not a crash We’re probably going to see a bounce as this is the accumulation stage. The only ones who got destroyed were same or next day options traders. My recommend is to buy the stock only as you can cut losses or take profits if and when needed Clear heads always prevail Diamond hands *As a kudos to Roaring kitty that guy is very honest posting his losses like that live stream to the world
NYSE:GMELong
by Fibonaccivix
4