GRWG trade ideas
GRWG - Still Bearish...Yet Neutral.- Marijuana Sector is still in a downtrend - Bearish.
- At an important level of support...could bounce and climb to $27.50 before rejecting and continuing the downtrend (unless marijuana is legalized).
- Watching for bullish volume but don't hold your breathe.
- Expecting a reversal as soon as marijuana is legalized.
Recommendation:
- Scalps / Daytrades
- Short-term swing trades (less than 1 month) or LEAPS (2023 or 2024 Calls)
$GRWG - gap down backfilled.I bought $21c 10/22 expiry yesterday at the end of day which are up over 100%. The question now becomes, is that a back fill that will continue lower or was the major sell off yesterday a one and done? I will take have of my calls off the table and let the rest ride on house money. Many weed plays are starting to look good especially into next year with a longer time horizon. There is legislation to decriminalize it as well as make it so banks can start taking deposits. GLL!
Sunday Prep 8/14 - $GRWG Starting with the monthly chart here to show you just how major of a short trigger this has just hit. The bigger picture target would be the monthly 20sma if you were to want to swing it. But the r:r is terrible since you wouldn’t be wrong until it were to make new ATHs. So then how do you trade it? Thought you’d never ask!
The first area I will watch would be a retrace back to the monthly pivot at 33.52 which would also be right around a 50% retrace of Friday’s action. I kind of think that level may be a bit too close and would rather see if we can push up into the quarterly pivot at 35.64 which is closer to the most recent breakdown level we had on the daily chart. Make plans for everything though, which means we need to consider that it could actually push up a lot further before finding resistance that is too thick. The 40-42 area is where I would get pretty involved and possibly be looking for entries that allow for the swing idea as well. I think you have much clearer risk using 44 as the over/under level at that point. Keep in mind, it’s highly unlikely to get a push up to those kinds of levels in a single day or even a few. That area would be something for possibly later this week or early next week. Remember, you have to manage risk and be able to acknowledge when the idea is wrong and not working. The plan isn’t to enter at 33.5s and add the whole way up to 42. That’s suicidal. I would much rather take my papercuts on the way up and be ready to attack fresh at each level.
$GRWG - J00$$Y setup!Grow Generation at some really interesting levels here. Currently in wave minor C of intermediate 2 of primary 5.
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Its in the golden zone between the 618 and 786 fb levels
Its about to back test the downtrend line
There's a large supply zone between 40.30 and 39.50 on the volume profile
Wave C is approaching the 50% extension of wave A
The setup is juicy for sure.....Stop loss at 37.80, invalidation at 33.80 on a daily close.
GRWG- Longer than LongChart posted 7-6-2021 approx 2:15 ET. I posted an earlier chart of GRWG (see link)- showing a target of 52.75.. I am now extending that to 57.50 due to this bullish Gartley that is making its way up as we speak. If you got in on the earlier call you are good- if not.. you may wanna get in now. Expect consolidation at the 52.75 target, but I am projecting higher upside before reset.
GRWG- BullishChart posted 6-28-2021 approx 11:05am - The charts posted today showing bullish setup momentum. This one in particular is part of a strong bearish shark, but these patterns can often times fake everyone out and even gain BEFORE a possible move back down.. right now we are seeing that move. Its still early to see if it will go sky high... but this is a good entry to get some of those gains before we see what the future holds. The target is marked. Set your stops.. and maintain profits!