bullish: hourly uptrend support levelsbuy
stop loss: hourly support break
profit targets: 4 hour time frame
CRON trade ideas
CRONOS 5 RRR shortReposting this since TV removed this idea earlier for containing links to my telegram group.
Trading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line .
4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement ; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line.
This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for? I will only be posting my unique trading strategy until EOY. I work solely with price action to identify pennants and apply unique trend-based fibonacci retracement levels for SL and TP levels. Reach out to me if you have any questions.
RED Light - GREEN Light, sorry GREEN Light - RED LightCRONOS Group likely going full retracement to low $6's.
Oversupply, VIX, profitability, recent losses and await when larger institutional buying allowed Federally. November review watch. Few others here.
CRON
CGC
ACB
APHQF
CVSI
CBDS
Pick'n shovel stocks:
SMG
BLOZF
KSHB
IIPR
OTC:MNTR
NASDAQ:MSFT
NYSE:BE
CRON Head and ShouldersThe Cronos Group Inc chart, in a 2-hour timeframe, has formed a Head and Shoulders pattern that
gives us the opportunity to set a short position to $3.80 and a Stop Loss on $9.50. Ratio Risk/Reward 2.3
Bearish Everything MJ!Not a EW expert by any means but pretty clear cut waves even for ew newb. $8 and $4 targets with SL placed somewhere strategically placed about the 382. Bearish MJ everything. Hype bubble imploding
Waiting for 3rd bottomLooking to buy on this next bottom. (Thick bottom line)
The trend is your friend until the end when it begins to bend.
Cronos Position ManagementCurrent Price : 9.71
If Cronos does not hold the 9 dollar support we will flip position to a short at this price point.
Taking a portion of profits at the first line of support @7.95 all the way down to our next level of support @5.91.
Weed stocks - the next big frontier. This screencast is on several companies that are largely Canadian in origin, who are involved in developing medical uses of marijuana. This is a legitimate business in Canada.
I am not promoting anything legal or illegal. I have no relationship to these companies. I am not currently a shareholder in any. I am simply sharing information that may or may not be useful for those interested in novel investments.
See also TLRY
CRON: The last of the WEED stocks to break out. This chart actually looks a lot better than TLRY, IGC, NBEV and some of the others that shot to the moon in recent times. That was one of the reason I got in much earlier. But I also got January 2019 calls because December calls are not available.
Targeting 12.3 then to drop at 7.5 then to score high at 15Good upward signals by RSI and MFI supported by candles analysis.
Do not miss a good long opportunity with "CRON"CRON
If you see the graph for CRON , you will see that it has a very "long view" and future for this week.
CRON tradeCron break of 9.90 (and then 10.08) breaks the lower highs on the hourly and 4 hour and will look up towards a lower high on the daily/weekly - probably looks the best on the 3D chart but I'd be looking up towards the daily MBB and another 4 hour resistance. Profit target over 10%, risk under 3%
WaitingHave been finding it very helpful to write notes on the charts as a way to stop any impulsive decisions. VERY HELPFUL.
CRON the clear lead bear in the sectorCRON is the clear lead bear of the major names in the sector, not even trying for a bear flag of consolidation, preferring instead to continue a slow bleed down. We will eventually see a bounce, anything under 11.99 will be a lower high and I would not be surprised if the bulls were not even able to penetrate the middle bollinger band.
Since losing the RSI support line October 3rd we've seen a backtest of previous support, now resistance, and continuation down to lower lows.
Key daily range: 9.94 - 11.99
Zooming into the 4hr shows just how weak CRON is. While other weak names such as APH and TGOD are seeing some sideways consolidation before another leg down, Cronos Group isn't even trying for the equilibrium, instead breaking down to lower highs and lower lows.
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that SPY lost the daily uptrend today. It's often said that high tides raise all boats; likewise, low tides can beach all ships. A great example of that today was a losing trade I made shorting CRON. Let's look at the 5 minute chart below:
CRON is represented in the candles and SPY is represented underneath with the bars. You can see the correlation all morning, with a move down, a sideways consolidation bear flag, and a continued move down. The correlation breaks around 1pm and I notice CRON consolidating sideways in a bearish ascending wedge pattern, with multiple tops at 10.15 SPY on the other hand continued down. I placed a pretty large short and was filled at 10.14, with a stop loss at 10.16. I liked this setup because we had cooled off RSI levels, we had a clear resistance level with numerous rejections, and it was the weakest name in the sector on a day when the S&P500 lost the daily uptrend and was dumping - it was the perfect storm to profit significantly on another leg down. At 2:20pm SPY hit the low of the day and started an hourly oversold bounce that ultimately led to a bull break that stopped me out of my short for a decent sized loss, due to slippage. This is one instance where the setup and the plan were absolutely perfect, - except I forgot to check the correlation. SPY hourly RSI had briefly touched 16 and bounced, stopping me out for a loss.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
CRON70% moves inside the range-
- buy at the bottom of the range hope for a breakout north.
- great R:R ... 70% range bound move + 70% breakout = Potential 140% ROI
CAUTION
- range bound traders suffers many false breakout- watch for stop loss hunters
- use loose SL with small positions- once correctly identify the potential reversal zone (PRZ)- add to the winner
