PLUG - Impulse to CorrectivePLUG has finished it's latest bull-run and is in the midst of a much larger correctional wave. Just my notes based off the wave-count I see.
There could be a minor ABC corrective wave that's already finished, for this reason the price point of invalidation is: 13.55
Looking for a pullback to the $10-$9 range.
PLUN trade ideas
Daily Wisdom 13 - Such is the marketO Captain! my Captain! our fearful trip is done,
The ship has weather’d every rack, the prize we sought is won,
The port is near, the bells I hear, the people all exulting,
While follow eyes the steady keel, the vessel grim and daring;
But O heart! heart! heart!
O the bleeding drops of red,
Where on the deck my Captain lies,
Fallen cold and dead.
The 8-Day EMANASDAQ:PLUG
strategy: swing, trend follow
timeframe: daily, weekly
entry point: price crosses or stayed above the 8-day EMA; Stochastic = not overbought; price bounces off from support.
monitoring: stay long as long as the price is above the EMA line
exit point: close the position when price hits resistance or when the price crosses down the EMA line.
PLUG 21 AUG 2020 (MRKT Closed)Looking at some stocks that have usable volume. Usually on the forex and crypto side. Principles are the same, but its taking some getting used to.
Saw this pullback in an up trend example where you can see the low pressure at resistance and INCREASE in demand as it creates support.
More demand + less supply = higher prices.
Look for demand at key support (from below)
look for supply at key resistance(from above)
Can see the fake out below support with the immediate push back into a range (trapped short chasers).
Pretty recognizable stuff. May have to add it to the menu when looking for optimal set up situations.