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looks like a bullish close HOD with volume to me. Nicely done. Break that H&S possibility.
Best advice I can give anyone in the market. Enter with a plan. Stick with the plan. Don't trade emotion.
That would be nice but I am really eyeballing for bulls to take it HOD for close. Would like for right shoulder to be broken.
Yes I do. It's on the landing page.
lol yeah. I like the consensus on this consolidation.
Scenarios that I think can take place given the technical information -
Up to build a 2nd shoulder which would give us a head and shoulder bearish formation.
V shape recovery on the daily which means we continue making new highs.
Price settles in between 30 and 35 for consolidation which is what I favor happening.
We are a little under a month away from Senate meeting.
Seems that's playing out.
Agreed.
Record TWMJF Volume today.
Today was rough to see at open. It didn't play out like I expected. I was seriously questioning my retrace levels when I saw 30.40. This close is good. Stays between 68% and 50%
It is. I almost shit my pants. Was pennies from the max FIB retrace I was looking at. Monday on needs to chill out and move flat or higher.
Ditto.
The FIB retrace level I expected was about here. Even went as far as 30.40 which was just pennies off a full retrace. Breaking that would have been ugly as hell for the long term bulls.
Same too you
U.S. volume is now about a 1/3 of CAD volume. Looks like I may be wrong about the weekly close but there is still about an hour to go. Hot garbage. lol
Today will be telling. I agree that if if we break here the next best support is 31 area. If we do get there I do not believe it will be today. I still think we bounce some today, I'm leaning bullish. Monday U.S. doesn't trade so no support from there. That alone makes me curious how well WEED holds up without the increasing TWMJF volume and the MJX ETF.
The study is fun.
Cheers, enjoy the profits. =)
Thanks man.
So todays take aways for me is indeed how it hugged 42.
Just slightly above Avg volume on WEED.
The interesting part of todays story however is the about 20% above avg volume on TWMJF.
If we compare the volume today from last Nov to Early Dec consolidation it's above that. Although that can change the longer this period lasts. We will see.
I'm trying to be Vulcan about this - try not to let the emotion create a bias. I feel confident about how steady the trading was after that 15 minute ride at the start. Bloomberg had a piece on the MJX ETF today also citing their surprise about how little outflow there was today after the run it had. "the price is sticking".
I don't deny the market cap inflation. I also understand that these runs can last a good while. Price discovery is a funny thing especially after a blue sky breakout on a bullmadness sector.
Welp that Nafta news hurts. urgh I hate Trump.
I'd love to have an adult conversation. I just have a personal bias against this the tone of this post. The 5 minute is not the end all. I look at 2/5/daily/weekly.
I believe direction will be decided by EOD - in the next 30 min. I could be wrong though. I'm still very happy with todays price action. It exceeded my expectations.
So my take on today and frankly recent action.
TL;DR - We are in 'price discovery mode'. The market is in 'don't miss the boat mode'.
We have all been seeing these large swings happen intraday going from record highs then to red, in some cases down 10%+, then only to close green. Not at the record high but certainly a record close. We are in uncharted territory right now, no resistance and no support. These hard swings serve to give the market an idea of these points. Notice how after these hard swings we tend to consolidate within a range?
The great thing about this move is that it's supported by amazing volume.
I hope we take some time to consolidate here but at this point I have no idea.
A few weeks ago I mentioned that I believe we may be entering a period where we see weekly gains. I saw this happen with TSLA for almost an entire year. This is when TSLA went from 30s to 200. I've shared this story before but I rode it from 20s up to 100s but sold thinking to myself "These valuations are ridiculous". I saw the same comments I see here about "overvalued" and "this will crash so hard". TSLA is a unique beast that was tapping into a demand and disrupting a market. Cannabis is different, and this is a good thing.
Cannabis has an established customer base that no one has every really been able to get a good estimate on. People don't tend to share if they use it. There is fear hiding the real numbers. I know tons of professionals and folks with masters/doctorate who use it but are secretive about it. Here we have an entirely new industry just waiting to be tapped and unlike just about any new industry I can think of (I.E. Internet/TSLA), it already has an established customer base. This is why every single state that legalizes cant keep enough supply for the demand in the first year. This is why the revenues it generates makes the news. I'm not talking about watered down medicinal states, I'm talking about full blown rec states. Then add that this is happening globally thanks to in large part to Canada. My math adds up to a larger market cap than we already have.
Is there an argument to be said about the market cap growing too fast? Yes. That's the neat thing about the market, it's forward looking only because people don't want to miss the boat. Waiting for the market to prove itself is too late.
I agree that the ETFs are driving this run. The U.S. volume has been record breaking. This has to be because of the ETF. This is one ETF, now imagine what happens when larger institutions start pouring in. Bruce himself said it, he is waiting on banks to change their tunes which I agree will take federal legislation to pass. Hence, we wait on the Senate. Once this happens I believe the capital investments from institutions will start taking over a large % of the float. The tighter the float the larger the moves.
I've been talking to folk who say there are no shares available to short.
Instead they open up put positions.
I remember telling folks I was just going to walk away and go to the zoo with my kids on days we crashed down hard. It was tough not being emotional lol.
Man the TWMJF volume is amazing! Just blows my mind how far we have come.
I'm in U.S. can't play options from here. Yeah I hate that I can't.
I play options where I can though. I opened a fedex bull spread a few weeks ago that I'm up 47% on currently.
I was part of the , what... original 5 here on this board? Got in around 3 then avg down along the way. Like many moved a huge chunk of my PHOT gains to here.
I'm an OG here lol
Thanks man, if nothing else I've always tried to be helpful and honest. Back up my claims and stick to my word.
Just wanted to say. I'm again - very happy for all of you who held through all these years. I've yet to sell a share simply because I stick to my plans but it appears that that time where I close out a 1/5th may just come sooner than later. It's really nice knowing that even if this crashed 50%, I can pay off my mortgage, buy another house, prop up my kids college investment fund for an ivy league school, have zero debt, and still have some left over.
Grats to all of us who stuck through when we had 10k volume days.
Thank you!
Daily chart looks good. Bull trend is well intact. The hard drops got firm support. Higher lows each time. This ride is far from over IMO.
Catalysts I expect -
*Senate readings
*Germany license
plenty of us.
Thanks!
May we see another 1000% gain in 2018.
I was thinking of playing some calls on that.
Easy answer - WEED has planned and actual production that's larger then anyone else. Only one name got an investment by one of the largest alcohol distributors in the world. Only one name from Canada has been approved to grow in Eurozone.
I don't disagree that I think Canopy will keep growing. It's why I'm still in it. But if you reach say 2 mil in Canopy - take a third out and diversify. At that level you can really live comfortably and not work if you invest it wisely and live within means.
Go see a financial adviser you trust or is recommended by someone you trust. Talk about protecting you tax liability and diversifying the holdings for max gain you can cash out from time to time. Let you money keep growing. COMPOUNDING INTEREST!
CAD is ripping USD apart as well. I suspect we will see the rapid incline of the CAD against the USD given all the catalysts. Increased U.S. spending with amnesty for corps to bring back 100s of billions on shore. Oil as well is trending to multi year highs.
Every percent means more today than it did yesterday. Compounding interest is a beautiful thing.
this is stunning indeed.
It's gonna happen