Post by
MartialArts on Jan 25, 2018 1:29am
Congrats to all longs! That was nice!
I have to admit, this was easy money. The math was there, I overestimated the ratio a bit and wish that we got our 4.5-6.9X but the 3.4x is still an excellent return. I took my profits today since the entire sector has entered bear territory. Both the candlesticks and chart indicators are now very bearish short term.
WEED and APH, as someone stated before me, are a "sell" and "stay in cash" as of yesterday. Not bearish enough to be short. Just sell and stay sidelines.
ACB hit overbought today and is now a sell as well. CMED can't be too far behind but in my experience, on highly volatile stocks, best to take your profits when MACD, STOCHASTIC, RSI, CCI and others turn bearish.
I am looking for a re-entry and CMED is likely one of the cannabis stocks I will rebuy but I need to understand the exact terms of the offer. It was certainly "driven" by ACB since that's who issued the news. It seems Zettl went along with it possibly fearing ACB has the votes? We will likely never know.
I am still very bullish on the sector longer term but I follow a strict trading discipline and cannot let emotions guide my trades. Especially on such a volatile sector as this one.
Best of luck and I shall remain present here. Please accept the bearish views as coming from the charts. I am personally longer term bullish but simply a very active trader that follows technical analysis religiously.
May we all learn and grow in a beneficial and constructive way.
Comment by
Duxing on Jan 25, 2018 1:53am
It is within my range 3:1 to 4.525. Haha. Unfortunately I exited one day early and only took half of the ride!
Comment by
MartialArts on Jan 25, 2018 1:56am
Thanks. Yes, I guess we can say I was too bullish on the ratio and you were too bearish on the timing. Glad it all worked out for all. It doesn't always turn out that way.
Comment by
Duxing on Jan 25, 2018 1:58am
Technically you are very right, but given the big discount CMED was traded today, it will not follow ACB too closely if ACB has a big dip tomorrow. The dip of CMED will be much mild!