GME trade ideas
GME- Game OnWe will save the long diatribe and let the charts do the talking
Remember in Elliott Wave Theory all Fibs are significant but the 618s (0.618, 1.618, 2.618, etc) are particularly magnetic to price.
B U C K L E U P
The Epic GameStop Saga: Continuing to Define Retail TradingRemember the wild rollercoaster that was GameStop (GME) back in 2021? Well, buckle up because this epic saga is still unfolding, and the thrills aren't over yet! From meme stock mania to where we are today, GME continues to surprise and entertain. Here’s the latest on everyone’s favorite stock market drama.
🕹️ Key Levels and Where We Stand:
🏔️ Premium Zone (~$70-$90): The legendary resistance zone! This is where GME’s price tried to push higher but couldn’t quite make it to the moon. It’s like that final boss you just can’t beat. Any attempt to breach this zone is met with fierce resistance. If GME manages to break through someday, it could be game on again! 🎮
⚖️ Equilibrium Zone (~$40-$50): The balance point of the GME universe. This zone is where the stock has found its happy medium in the past, like the calm after the storm. Think of it as the stock’s “chill zone.” But don’t get too comfortable—this could change in a heartbeat if new developments hit the market.
🎯 Discount Zone (~$20-$25): This is where value hunters might start getting interested. GME is chilling in this zone right now, like a cool-down period after an epic battle. It’s a solid support area, but if the price dips below, things could get dicey. Keep an eye out—this might be where the next big play happens!
🏚️ Strong Low (~$10): The “panic button” level. If GME ever drops here, expect major action. For now, it’s a distant thought, but in the crazy world of GME, anything’s possible. Consider it the “last stand” for the stock, where brave investors might make their move.
🎯 Lower Targets ($13.34, $9.52): These are the lower levels to watch if things start heading south. Think of them as checkpoints in a high-stakes game—getting here might mean we’re in for some serious drama. But who knows? It could also be the perfect buying opportunity!
🎢 What’s Next in This Wild Ride?
GME is like that video game you can’t put down—it’s always got something new in store. Here’s what could influence the next chapter:
💥 Retail Trader Power: Never underestimate the power of the internet! A new wave of retail trader enthusiasm could send GME soaring again. Keep an eye on Reddit and Twitter because when the crowd gets behind this stock, things get wild!
📈 Corporate Moves: GameStop is more than just a meme—it’s also a company trying to reinvent itself. Digital transformation, NFTs, and more could be game-changers. Watch out for any big announcements that could flip the script.
🛡️ Market Rules: The regulators are always watching, and any new rules about short selling or retail trading could change the game. Stay tuned—this could have a big impact on how GME is played out in the market.
Final Thoughts:
GameStop isn’t just a stock; it’s a cultural phenomenon. Whether you’re here for the thrills, the memes, or the potential gains, one thing’s for sure: GME is always going to keep us on our toes. So grab your popcorn, stay sharp, and enjoy the ride!
$GME nearing support zone, loading for next pushGME continues to follow the well-known algorithm from recent years. The double top in May/June 2024 led to a significant drop in the stock, a phase of consolidation, and this rounding bottom typically concludes a cycle. This should be completed around the $18-20 range (also a previous resistance which has now transformed into a support zone).
Additionally, GME announced yesterday in an 8-K filing that they have canceled the possibility of a $250m loan arrangement with various banks, opting instead to rely on their own cash reserves and cash from operations. Earnings are due on September 10, 2024.
A breach of the $18 support zone could lead to further declines, with $10 as a potential final target. However, if the current algorithm model continues, the end of this cycle should be near, and a push in the stock price should follow soon. Key levels to watch initially are: $22.50, $30.
GME Short IdeaGME finally broke below critical support around 23.50 and has been consolidating since. It did have a downtrend breakout, but it didn't move up much, just kind of broke out sideways, which is a bearish sign IMO. I think shorts are good anywhere under 23.50, but it would be nice to get a retest of the 23.50 area for an entry. However, it has already retested once and just broke this ascending wedge to the downside, so this may be the best entry, somewhere in this area. Even if it did rally some if you bought time you could hold as long as it stays under 23.50.
GME Support TestGME finally broke to the downside after multiple bear flags in a row that resulted in sideways action last week. My final target is around 18, but we also have the $20 area. Along with 21.50, which is what it is currently sitting at now.
I think there's a decent chance it bounces here, but I'd expect it to be short lived and for it to eventually break 21.50 and head to 20.
Bull Flag On The DailyWell well well, this looks familiar. I wonder where I seen this before? Beautiful Bull Flag on GME daily. Once we fill the bottom of this wedge around the $20 mark, its go time back to $30. If we break $30, this could head straight back to $60... Once again, get your tickets, because this is a show you're not going to want to miss.
Something brewing for GameStop? (GME)Sometimes the trade is right in front of us. Earnings in 11 days. Would keep an eye on this one.
8/23/24 - $gme - the OG meme, game time?8/23/24 :: VROCKSTAR :: NYSE:GME
the OG meme, game time?
- first, i debated whether to write this. but anyway. this is an open blog to myself. if you guys want to interact with me or this content, great. but it's a weird trading log because i've always struggled to capture my ideas and reflect on them.
- with that out of the way. i just did a lil ape into some GME calls for next week. nothing major. but 20 bps. so not insignificant for some weeklies. IV sub 50% seems kinda cheap considering a few factors.
1) the stock has held up nicely since the recent move in early may. still hugging the .786 fib. TA matters more for this one, so no fundamental stuff here.
2) earnings is not next week, but the following. the apes usually show up before the event, but not this early. they're playing salad and space laser memes at the moment (i wish i was joking, but it's a good thing to have donks at the poker tables sometimes). what this means is that any bid to the stock might allow you to see IV inflate, stock does a lil gamma gamma move and you're sitting on a double and can remove half the size and ride free on the rest. that's my current plan.
3) NASDAQ:NVDA next week. ALL ELSE EQUAL the market is in risk on mode. y day a lil dippity doo dah was nothing to scare away ever increasing global M2 and powell is signaling similar. while i don't think this means we still don't have one more leg down (which is why my portfolio is pretty consolidated in 35% discount to NAV OTC:GDLC and some NASDAQ:NXT that is already in value zone... both of which i know well... while playing earnings like NASDAQ:PDD next week and other event driven stuff, i'm still pretty cash heavy with flexibility).
4) i am picking up increasing newsflow that the show here isn't over. i'll leave it at that. the stock px tells me there's a greater than 50% probability of this. institutions also have their hands around it at this pt and short interest remains high.
5) i think all else equal risk to the downside given how the stock has traded remains low for the upside potential. it's been some dead money in the last months which is why IV is so low and we are a week and a half away from EPS which is enough of a catalyst to start the gossip, tweet machine again. the OG meme has ample cash to not need a raise. not burning a ton. trends suck, yes. but that's all known knowns and so i'd argue "priced in".
...
so that's that. perhaps i should start a degen friday once a week post. i've had some weird rec's to this extent. but again, capturing my thoughts for myself. if you have something to add, i'd genuinely love to know it. it's more fun to do this in a group which is why i'm airing out my laundry and trades. still shooting well, and attempting to remain humble. but looking to have fun on this one. i take the shots on these where i think my odds are better than 50/50 and i keep the sizing reasonable.
memestonk <3
V
$GME - Small Update"PLEASE READ"
Seems that the last little indication of something happening didn't actually quite pan out according to my data. There's very little chance of something occuring this and next week although the possibility exists.
I see from a different dataset that i have that it's more likely that we may see something around the 5'th of August or 28'th. It's WAY too early to say anything for sure, these are just very very very early indications of something occuring. My data may flip negative way before we even reach these dates.
Obviously i will let you know before those dates wether my data still looks positive or if it's flipped negative. The above chart will be invalidated if it flips negative, so please keep an eye out on UPDATES to my post as these are more important than the graph i've drawn.
I have a lot of data but nothing publically digestible/understandable yet which is why i'm not sharing anything here today. It would take too long to explain the charts/data that i have and very few people would understand, instead i'm letting you know verbally what's happening so you don't have to worry about the analysis part.
$GME - Another updateMy calls are expiring this week, i went too hard on the risk unlike most of you.
I see that something either will happen this week or on the 10'th of Sept.
That's it for now.
I don't like moving goalposts, especially 3 times in a row, but yeah. It is what it is.
Another Bear Flag for GMEI shared a longer term bear flag on GME recently as reasoning for my short position. It's looking pretty good so far, another bear flag on the 15m. First target for me is the 21.50 area and eventually the lows from early August as a final target.
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
Don't be scaredThe price can go up and down in short timeframe but eventually it will go new ALL TIME HIGH, maybe even in 2024.
GME- It is TimeIt is time for GME to get moving
Elliott Wave has charted the path
B U C K L E U P...
GME- Nice End to the WeekOk that wraps up this week
All in all a good week!
XRT and broader market found some strength which helped push GME higher in spite of low volume
Expect more of the same next week..provided the market keeps it bullish legs
B U C K L E U P
CLEARLY GME is about to break out and above $26.00. LI believe right now is the last opportunity to buy GME at a discount, once it breaks this trend line and makes a break above $26.00 I don't see any other opportunities at this price range in the near future. Support at $25.00 was the nail in the coffin IMO.
Do you, I'm just a retail trader and I'm not giving financial advice, just observation.
GME- Still headed higherShould head to the 24 area provided we get some volume and the broader market heads a little higher
Hmm mm?Is this plausible?
Are we heading down a lot more before we could explode back to the 40s?
Looks to me we are heading down so i wanted to look for where
DRS. Break the timeline.
Zen.
GME more upside potential**Not financial advice.** I have been wrong before. :)
GME has the potential to get to about $140 to $180. On the flipside, it could also absolutely tank if goes through these support areas.
The stock has reclaimed long term channel and is backtesting support. If it respects this channel, then $140-$180 is possible.
Something is brewing in Gamestop $GMEBetween now and 16th August I believe NYSE:GME will move into the launchpad area before making new highs. I would expect this move to be completed before Friday 16th August.
My LIS is $17.50 but I feel we may only get as low as $19 before a move back up. Then it should be fireworks and rockets.
God speed space cadets.
NYSE:GME
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
