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Big Picture Set Up
When we are in winners, our judgement can get cloudy when everything looks rosy yet we want to remember what is often the wise thing to do at a major retest?
Further more, if your friend asked you what to do when said stock was at the retest, formed 5 doji's at highs out of 8 days, with one of those days being bearish engulfing. Your obvious reply would be "take profits!" Might be wise to listen to your own friendly advice.
With AMD up 22% in 2 weeks into the retest with a doji at highs, it seems to be the time to start looking to take some profits.
This CERT has been flagging out under this $40 all year and for a recent IPO we want to be ready for this blue sky breakout when its ready to break that level.
After months of flagging through this $150 area, they took it away on earnings but now that it has pulled back into the flag we might have a sneaky buy back on our hands.
This ELF has been setting up for nearly half a decade for a breakout up through the IPO highs of $32.
As ETSY continues to inch towards the retest of all time highs, it will be time shortly to look to take some profits from our last rebalance area a few months ago.
MDB still showing us a nice earnings flag up through $520 in time, with all these dojis at highs would not expect much out of it in the short term but one to keep on the radar.
MMC continues to drift to new highs and for now we can see a clear pivot vs this $150 area for the last of this swing.
With everyone expecting SNAP to continue gapping higher, they had to gap it down to screw and trap most. Which should not come to much of a surprise to us, as the collective opinions leading up to the report where only outcomes that were higher, this is a good reminder that just when we think someone has to do something. It often has to do the exact opposite.
With this being one of my largest individual holdings gave back quite a bit of open PnL yet not much has changed. From a short term trading standpoint SNAP could not be more off then radar, below the 200 day with a big gap to fill, it will need plenty of time before it will be ready again.