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Humbled and touched, Thank you, sir.
I'm lost for words to that post - other than I appreciate your words to my core. Ah, Yes, THANK YOU for acknowledging my service. The Marine Corps will always have a place in my heart!
Honored to have you as a friend, my brotha.
Thanks brother. Not a follower hoarder, but honored. Much respect. Hope all is well with you in your trading and you have a trading plan built Have a safe and wonderful evening!
Rooster, my friend. I had to stop what I was doing, after reading your welcoming comments. I’m humbled by them and appreciative for your taking the time to respond by sharing your thoughts and acknowledging of my efforts. My main goal, in all I do trading (and outside of it), is to try pay-it-forward in various ways - even if it’s just looking at things from a different viewpoint or approaching at a different angle.
Thank you for the comments about my son! His story alone as been a motivational presence in my life to ensure my being on this earth is about service, empathy, and helping others. I almost lost him last year. He had a myasthenia gravies crisis - requiring him to spend 3 months in the hospital, which transpired into 9 blood transfusions. THANKFULLY, today he is absolutely so well and you would never be able to tell anything is (or was) impairing for him. Teaching him about the financial markets, trading, and saving for the future are the fundamentals that I wish to share as a foundation for his growth and future. Nothing wrong with changing the family cycle from how I was taught growing up
Thank you again for the comments... I very humbled and honored by you and many others. I look forward to the continued progress of $ACB (and other stocks of course) as we all share the common goal to increase our success (whatever that definition means to each person), knowledge, friendships, and a little cash in our pockets (by each person following their own trading plan) whether it’s day trading, swing trading, shorting, or investing. I’m never going to prevent someone from shining or following what works for them.
Have a safe and wonderful night!!
~ sent from cell phone
Hello, sir! I happen to come across your message and it caught my eye - last sentence. I absolutely will respond to you this evening, once I’m done spending time with the fam and eating. I’ll respond to you via private message (avoiding my response from being deleted... for whatever reason).
I can certainly understand where you’re coming from with wanting to pass it along, while having some reservations on the potential candidate as a growth stock. As you know, a stock can have the most bullish and fluff news out there (OTC is filled with “to the moon news”) and there are many on the big boards mimicking this ideology, whose share price doesn’t reflect all the news, acquisitions, “what-if scenarios”, and theoretical events. I’ll keep 100% with ya on a few points without a biased agenda.
I look forward to responding to you later this evening, even though you might be unable to respond. Talk to you soon, sir!
Sent via phone...
I’m mobile all day, but been heavy in Tech myself. Once I’m home I’ll look at those levels, but I recall the 24,365 as next support then the Feb low for a massive washout. Not sure that’ll hit, but we need a washout to clear the deck IMO.
ACB sideline watching as well....
Following my trading plan. There will be more opportunities Making money on Tech today, while I watch ACB. It’s all good... Making that Christmas $$$ LOL.
Appreciate that brother! Too frothy for me here (intraday). May jump on this tomorrow. See how the afternoon plays out. Always here brotha. I’ll try to spend a little more time on the board - markets reversed pray so I had to put my money to work with some Apple and other Tech.
Yes. A break is a test. Buying in the break with additional criteria to provide a confirmation (based on your trading plan) is needed to avoid hitting the trigger to “buy” to early.
There it is... 6.49 support then 6.39/38. Resistance 6.56.
I don’t know personally, but I’m sure most do. I just see the postings and laugh, but don’t follow whose making the noise.
Signs of potential weakness; roll over imminent. Keep careful watch. All the pumping news, articles, and speculations are noise. Just trying to get people to buy the shares their selling. Remains in correction...
Thanks for the comments.
Soon enough 6.66 / 6.88 resistance. Still in bearish correction as this point. I’m constantly watching it though.
Nice day trade, until it isn’t anymore. Pullback coming....
Thanks. Yeah, I hear the noise, but I don’t trade off that. Thanks for the note though.
I’ll follow up with you... when I’m back in front of my charts - right now I’m mobile.
Will do buddy.
Send me a private message if you can, if not I’ll write it down.
No, eventually. Just watching for now. I’m heavy trading $VMW today, after buying into this yesterday afternoon.
Selling is driving. Holistically that is evident in the Asia and U.S. Markets. What you're suggesting is speculation about legalization of cannabis. I mean, don't get me wrong, you can accumulate all you wish (if that is part of your strategy). Back in 2012/2013 when many of us made a killing in the OTC Cannabis stock (many don't exist anymore) - people were saying the same things. Of course, times have changed, but the psychology hasn't. Personally, I don't care about a stocks culture, background, speculative growth, etc. I only care about making my money work, charts, protecting capital, and ensuring tight money management.
As for, what can reverse the correction...? I have no clue. I try not to worry about things that I cannot control or speculate with theories. It's not part of my trading plan, nor does anything I think affect how I trade. Hope that doesn't sound harsh...
In these markets of correction it's best to sit on the sidelines, if you're long. Identify stocks that are strong (technically), as it's a stock pickers market right now.
Mind the noise of the press releases, boards, and speculation by these articles and talking heads on television - it'll save you a lot of money in the long run.
Nice addition... My 5.90 target almost hit.
No, I was selling shares. I was trading other stocks and just monitoring ACB and the cannabis sector.
Have a great night.
I have a clearly defined trading plan that I built over 10 years ago keeping me consistent and emotionless to news, press releases, noise, etc. It maintains a sense of consistency without the need to impose any thoughts or analysis paralysis.
It's important to study the behavior of the stock. I review hundreds of stocks to identify those that may potentially match my criteria. Some I put on a watchlist to check daily or every other day.
Many times, I'll watch 2-5 main stocks at a time to monitor the behavior of each; trying to understand the story of the stock (without the need to know anything about it, what it does, etc.). Personally, I don't care what any stock does, their financials, or how many employees they have. I'm solely focused on my trading plan - I keep things simple, so I don't have conflicting outcomes (decisions).
Hope that helps. Take care. Have a great night.
Good post buddy! What you see a lot of times is people buying on quick spikes (causes emotional buying, "OMG, it's going to run!", LOL) - just to end up holding the bag, as the their buying into weakness and the strength (in this case) are happily selling to them. Nothing like holding the bags
Emotions, Hope, and Prayer have no place in the art of trading. Nothing like hearing people say, "please God let the price go up to break-even and I'll sell (never making the same mistake twice)). Yeah... That shows there is probably not a written trading plan and money management discipline.
Truth, hurts. But that's how people learn (hopefully). Keep all the successes and losses in a journal for reflection. The trading plan is a must...
Appreciate the reference in your post bud! Humbled. Have a safe and wonderful night!
$ACB remains in correction... patience is the key to longevity in this business.
zhills. Great post, LOL.
Check your mailbox buddy No need to respond....
Humbled buddy! My ambitions definitely to help. Appreciate the kind words and glad to hear you were able to cut losses short and live to trade the next day. ACB remains a day trading stock for now; plenty of damage areas.
I'll need to see some confirmation before jumping back into ACB, even to day trade. ACB doesn't provide enough movement (swings) to turn a good risk/reward profit. There are other trades that I've been in yesterday and today that made up for the action though.
There is one cannabis stock right now that's showing signs of the most strength... ACB is certainly not a contender in the top three as of now.
When I talk about stocks and strength I am not focused AT ALL on any press releases, biased articles, company rubbish about 'how great they are', etc. - I can only focus on what time and price.
There is nothing wrong waiting for confirmation, even if means you'll be paying a little more. Of course, if you do buy - ensure you have stops in place either systematic or mental numbers and do not deviate or 2nd guess the trading plan criteria.
They jumped the bid price (was higher than Ask price; forced buyers on the Ask - that caused small price spike for emotional buying.
Bid Price keeps jumping Ask price. Careful....
Ok. Good luck to you! Watch for the potential gap fill at 4.99 - 4.90 if the 5.40's are tested and broken.
See below: I've been out on sidelines. I don't blame you buddy! I keep saying, "keep cash on sidelines". I am not buying a single share of any cannabis stock until I can see some positive developments in the sector. I am not talking about any press releases are inflated rubbish from the companies used to distract investor psychology. I need to see technical improvements.
There is a gap at 4.99 - 4.90, which could get filled at this point. I would stay clear for now. These corrections are deep and can continue for long periods of time - patience my friend.
I wouldn't! Corrections = Oversold. Can't just buy because of the indicator.
$ACB : Almost at that 5.90 area. ALL cannabis stocks now in correction. The strongest is C_G_C, regardless of price, new, and any other ballooned press release.
Not so sure with a WH shake up today. Don’t believe we see any progress on it until late next year. But, hey! You never know...
4.99-4.95 gap fill always possible in correction territory. But for now, the 5.90 (then 5.10) is the next support. Missed earnings by TL$Y obviously will help bring cannabis down further as a sector. Overall the markets holistically are in correction territory, so anything is possible in damaged markets.
Nonetheless, longs should wait for the right buying opportunity and not try to catch a falling knife and continuing to pump money into this stock right now with the momentum on the wrong side.
Hey buddy! Longs may be loving the lower and lower prices, but to continue chasing it makes no sense; especially if their buying without STOPS in place. If anyone is buying, hopefully their scaling-in slowly and not investing all their money with one transaction. Testing the waters is very important when trying to find a bottom, but so is protecting the losses (and profits) with stops.
I'm with you on the reversal. I discount all the non-sense about the R/S, press releases, earnings, etc., until I see conviction in the markets holistically, sectors, and then into the cannabis stocks individually.
For now, this is a stock pickers market. Must find stocks with strength and not in correction territory for the time being. Utilities and Consumer Staples have been the safety haven, as for now, while Asia Markets, Tech, Oil and others area severely damaged in correction territory.
As I always tell people, "you can invest into a stock at anytime, but always protect yourself".
In the meantime, I'll keep $ACB on my watchlist, but part of my trading plan is to avoid stocks in correction territory for the long-term; however, I may scalp those stocks (extremely short term) catching intraday day swings (In and Out type trades).
Honestly, don't know. Right now 5.90 is the next support. Just have to keep in mind the entire cannabis sector (minus one) is in bearish correction territory, along with the major indices, Tech, Oil, etc. In addition, the Asia Markets are also beat to lower levels - even finishing on the lows of the day(s). All that being said, being long is going against the grain.
Utilities and Consumer Staples remain the area of security in this damaged market.
In these correction territories; institutional type buying may be nibbling here and there, but it's only to test the waters - we're all waiting for the bottom (with confirmation) before investing large sums of money. Personally, I do not mind paying more for a stock. I'd rather be chasing and riding a stock on momentum, then gambling my money to catch a bottom, only to watch the floor continue to fall out from underneath of it.
Corrections are built into my trading plan with clear and specific criteria, so I don't make purchases in these territories until my criteria is matched and confirmed with the overall market - not just a single stock.
Keep cash sidelines;Let ACB fall. Do not try to catch this falling knife- always best to wait for buying confirmation.
This remains a day trade market for bulls; especially while in correction. Going long here means potentially continuing to average down over and over.
Next support area 5.90.
That’s main reason for high shorting. These valuations and Market Caps just makes no sense; even more evident with the financial losses. They’re running like BioTech, some of those stocks are $100+ with zero sales, LOL. Hey!!! It’s whatever someone is willing to pay. Cannabis has always been a speculation play.
Don’t get me wrong... I made my share of MONEY. Especially in 2012/2103 where I cleared six-figures. ACB hasn’t been too bad either.
KEY with these volatility plays is not to fall in love with them (never marry a stock). It makes no sense to buy low, hold at the high peaks (like when ACB was in the 10’s), only to ride it back down to 5’s and 6’s.
WE ALL LEARN the hard way. It’s a painful and expensive learning experience but we all experience it - no matter who you are.
That’s why a journal is a great tool to have to identify and learn from these items. Also critical to have a very clear and specific trading plan with rules that you must follow 100% no 2nd guessing. Consistently and Money Management is the key.
Yeah, they’re in correction with everything else. Need to wait for the bottom to be found. Don’t think we’ve seen it yet. HOWEVER, I understand what you mean.
Cannabis falling; T$RY losses. Next quarter will be much better for the sector.
I hear ya buddy. Correction territory is falling knife zone - best to put money on sidelines, until conditions improve.
ACB too risky until above correction, unless you day and swing trade like most, like myself.