The exact kiss of $10 followed by a motive move up suggests it was strong psych support. Buy any dip and set generous stops. You will not likely need them because the buying pressure on this is likely to kick in soon.
Saturday, March 19, 2016
[LL] is probably finally ready to catch a bid
In the backlink I had bought a small position, tight stops, fully aware that the long horizontal chop is generally a continuation pattern. I got stopped out very quickly for almost no loss. But I have been keeping my eye on it because I know it is loaded to the gills with shorts hoping it will BK. I just don't see that right now. I see the shorts being squeezed at least once real good before we can head lower. I count the recent bottom down to $10 as a possible 5 down but at the least it should be wave B of 4 meaning a trip to $18 should happen in 3 waves in short order. That's 50% in my book.
The exact kiss of $10 followed by a motive move up suggests it was strong psych support. Buy any dip and set generous stops. You will not likely need them because the buying pressure on this is likely to kick in soon.
The exact kiss of $10 followed by a motive move up suggests it was strong psych support. Buy any dip and set generous stops. You will not likely need them because the buying pressure on this is likely to kick in soon.
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2 comments:
Nice call captain! LL pops from 11.94 at open to 13.76 at time i'm typing this.
Thanks Duke. I have been following this on the new paid subscriber's site as well while of course trading it myself. With even a modest amount of money in play of, say, $2k, just this one model insight would easily have paid for a month subscription while retaining more than $300 for the subscriber. As you can see, I don't trade on gut feel or I would not be touching LL with a 10 foot pole. Gut feel won't tell you when the best odds of entry or exit are in play and it won't tell you when the assumption is wrong. Only a model based approach can do that.
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