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HIGH risk trade buddy - just for a potential gap up flip. Sorry I couldn’t post that as I was driving.
If your risk tolerance is HIGH and you’re long the stock, grab here with stop at 6.60.
ACB Let it fall don’t chase... Keep cash on sidelines. Always easier to chase when conditions change than to watch your money drop like a rock.
No worries. Whole market in correction - nothing to do with cannabis sector - it’s along for the ride. Patience....
ACB selling not as strong. Next support is about 5.90, if it continues downward. Again... pressure of bears not as significant compared to middle and end of last month.
$DJI about to enter bearish correction with the rest of the major indices. This sector was holding up well until yesterday broke major support levels. Markets are extremely damaged.
Cannabis ETF now in bearish correction... ACB remains as well.
Today, after close.
Yes. New low today, slightly. Selling pressure has reached an indecision point. Still in correction for now. Awesome, buddy! Great pic. I’ve also competed in competitions and inside the cage for a few amateur UFC type fights. Nothing like getting elbowed in the head and kicked in the body... Ouch! I have my some in Jit-Jitsu since he was 6 and Muay Thai Kickboxing. He has only competed once at 13yrs old.
ACB holding itself steady here. TLRY is the one everyone is waiting to see IMO. Shorts losing a ton of money on this one. I think cannabis rises strong with a beat, but could be catastrophic with a loss.
Revenues on watch...
Thank you, my friend. Just like being logic when it comes to markets, as I’ve been teaching my young son to trade. If you’re a long term investor, short term, short seller, etc. I ain’t going to hate since everyone has their own risk tolerance, trading plan, and speculative outlook. We’re all hear to make money one way or another. Since markets are cyclical and everyone eventually gets a turn. Like we say in Jiu-Jitsu, “some times you’re the nail; and sometimes you’re the hammer.”
Good luck to you and reach out anytime.
Excuse typos- sent from phone...
Cannabis is oversold. It’s way to short when in correction. In fact, the markets holistically have been in correction for weeks (some took a little longer to crash). Anyone can short in that type of environment. Just like in the bull decade of gains anyone could invest and make money.
REGARDLESS of how you make the money, which I’ve have my share shorting Tech, make that paper. That’s the name of the game. With ACB it’s more of a swing trader stock for now (just quick in and out entries and targets, but those quick trades make bank when you’re trading several thousand at a time).
Major indices are best to Hell. Just now their finally in agreement (mixed earlier), but have long ways to go before the damage is reversed and correction territory is put behind them.
Sidelines watching... 6.85/6.95 will continue to overshadow price movement. $ACB has been a beauty for day trading though.
Here’s the 6.85...
Yup, base building. Selling momentum today is indecisive. Meaning its momentum has shrunk, at least for now. See how the day goes. Keep that 6.85 and 6.95 in focus.
Out of correction, first ~ 7.20 (static number).
Patience. Stuck in 30pt range (intraday). 6.85 is the top. 6.95 remains key focal point to close above and hold.
Here it goes for the attempt.
Intraday (very short term) like to see above 6.85. 6.95 remains focal point.
Create a clearly defined trading plan and criteria so you never run into this again. Greed, hope, and prayer will get you slaughtered in this game. No-one ever went broke taking profits and stocks ALWAYS offer an opportunity to re-enter. Trying to catch the lowest price isn’t always the best strategy - as stocks can continue free falling... that’s evident with $ACB where everyone is trying to catch the “shares are on sale” slogan (theme).
You’re welcome buddy!! All we can do is predict and adjust, as applicable. Game is patience, skill, and discipline.
Keep money on sidelines - 6.95 is first resistance.
Always, meaning since mid October.
It’s always been the lagger. And it’s in CORRECTION.
Yes, great day trade from the bounce to resistance. Now 6.95 will either hold ACB down all day or enable ACB back to 7.00.
Break 6.95 & hold, or that level will keep ACB down all day.
You’re welcome. Post 33752 (and the response I posted to it); keep the bigger picture in mind as well. It’s of most importance. Must understand where we are holistically without imposing “what we think the market needs to do”. The market will do what it wants - we must follow the money, trends, and sentimental behavior of the market / sector. Avoid the noise and have an established Trading Plan with “CLEARLY DEFINED TRADING RULES). The caps were for emphasizing and not yelling, lol.
Remember the bigger market picture (see my post attached to this one). Looking for ACB to piggyback off any solid cannabis earnings reported today. Bigger picture is major indices are in correction, tech in correction, and cannabis barely squeezing by above correction with ACB in correction.
Thank you, buddy. Great advise as well. Thank you for your background into the broker business.
To add to this... Analyze the behavior of the stock, have a risk/reward entry, exit, and stop in place -prior to entering the trade. If you're investing, you don't need to have the buy and hold mentality. You can also use the swing trading methodology to buy low; sell high. Use those monies and any profits to purchase more (if you're still bullish on the stock), during pullbacks. Or, you can recoup 50% - 100% of your initial investment off the profits and allow the house money to run freely, while putting the original investment back in your pocket for another trade. Just remember. This has to be part of your written trading plan with criteria. If you don't have one - my recommendation is create one. As well as a daily journey identifying the stock, your entry and exit price, how the market behaved and mostly importantly any lessons learned.
Never fun. It's only Monday still more days in the week to go. The longer-term technical's need bullish price action and volume, or the stock could take another free fall to potentially re-test the 5.50 area. That is not a scare tactic; it's what I would say to anyone seeking to buy into $ACB.
Cannabis is in dire need of some explosive event. This will remain a swing trader / short seller market until then. I hate to say that, but I can only be logic and blunt (no pun intended, lol).
Ok, Big Read. No bias here. Hoping this helps someone. I’m not going to try and tackle all these what-if scenarios – I can identify only with those items that can be validated. Theories and assumptions are driven off emotions and imposed beliefs – I’d rather avoid those at all costs.
Note: The below 1 – 5 is reflected with a starting point of October 16th (unless otherwise identified with another starting date)
1. Nasdaq Composite was fighting to get out of bearish correction territory; today it’s back in correction with a major sell off.
2. Dow Jones Industrial had a major sell off and fighting to get out of bearish correction territory; today major sell off and ready to retest correction territory if the 23550 area doesn’t hold.
3. Mid-Caps 400: In correct as of October 10th and has remain in correction up until today. That’s huge.
4. Nasdaq 100: Major sell off leading up to October 16th; has been in correction (mostly) and is still there today with a huge sell off.
5. NYSE: ($ACB is part of this): Been rolling over since late September, sold off with major momentum in October, dead-cat bounce in November and sold off very-very hard today. Has been in a bearish correction since early October.
You can begin to see the theme here, right!?!
Not going to list all of them; however, you can see the pattern here! The markets are extremely weak. Yes. The markets have had their pops here-and-there and the talking heads (on CNBC) going crazy as if the market has fully rebounded, but IT HAS NOT!!! 80%-90% of the stocks in these markets (mentioned above) and the sectors that make them up are in bearish correction territory. TECH and APPLE are leading the way down. After-all, they are the one’s who helped lead the major rallies. BIG MONEY has been rotating out of Tech and into safety plans like Utilities, Consumer Staples and Read Estate. These are the areas in the market that are doing the best; however, don’t carry nearly the weight of the big techs. Especially with Apple falling, interest rate hike fears, strengthening dollar, and fear about oil productions.
Now to add another layer to the above, let’s keep in mind what has been happening with cannabis. WE ALL KNOW that TLRY had enormous runs due to the viscous buying, reduced number of shares available by brokers to short, and a very small float. Small floats and extreme buying lead to huge up-swings, but the same can be said about the selling and falling. Short sellers, at the time, we’re forced to buy-back their shares the same day of the position – causing additional buying momentum – at least until the Market Makers could get the pricing under control with the Options Markets – again, it caught the Market Makers by surprise and they weren’t about to miss out on any more gains. After-all, they make their money off the spreads and commissions.
OK… $ACB is sitting in bearish correction territory, while the others (including the ETF) are not. HOWEVER, they are within a thread of falling into this bearish area. LONG-TERM outlook is the cannabis stocks need to acquire more aggressive buying pressure to not only force short covering (because right now they do not see any threats) and to show the investment world that cannabis is not some pump-and-dump market sector. Too many investors are focused on all these press releases and holding onto every single article posted by various outlets. This is ALL NOISE…!!!! The noise is what causes investors and traders to become complacent, emotional, second guessing yourself, and falling into the psychology of imposing personal beliefs – when they should be taking profits and/or cutting losers short (not holding forever through all the cyclical swings).
Remember that this price action is bigger than just $ACB and the company cannot be blamed or accused every time stock goes down or doesn’t move fast enough. Need to look holistically at what is happening in the BIGGER PICTURE, then understanding how the indices are moving, or not moving. And cannabis movement as a group. In addition, understand how healthcare is acting, since cannabis stocks fall under that sector.
Cannabis must gain strength and bullish volume in-order to gain some ground. They must avoid being in bearish correction territory. Until these happened, cannabis is nothing more than a short-seller and day/swing trader paradise, which I don’t mind; however, many are not accustom to that environment or have enough in their accounts maintained to avoid the FINRA Day Trading Rules.
Don’t get lost in the small price swings. Take a step back and re-evaluate your position and outlook. If you’ve become complacent cut the loses to avoid driving yourself crazy. You CAN ALWAYS buy back. But you can also hold or even continue to average down (but keep in mind that adds additional money at risks). I really hope this was helpful to someone. Just stick to your trading plan; avoid the noise.
I'll be on the board here and there, but going to limit my interactions as it's taking up too much of my time from watching the markets.
ACB needs to get out of bearish correction territory or this stock is going to do nothing to the upside #facts. Right now it's easier to trade the swings.
Tomorrow the markets are back to normal with bonds active, volume, etc. TECH continues bringing the market down and most are in bearish correction territory. Apple (The biggest) is just about there.
Market Cap is not static. Market Cap is based on outstanding shares and the daily closing price of the stock. Closing price times the number of shares outstanding = Market Cap. Changes Daily.
Note: That article is almost a month old as well.
Last push to 7.23. Volume mounting.
Big boys report tomorrow morning. Boring day off that recent bounce around the 6.50 area. Could see a later 15 run-up, but right now nothing out of the norm.
None. 7.12 resistance & weak volume, at the moment. ACB weakest out of all the cannabis sector and is in bearish correction territory.
Needs to close above 7.24.
Welcome, ZenMan_111. Futures catching a bid; overall market to follow. Cannabis holding steady. Still not in bull zone yet.
Could be market push at 3pm hour.
Benzinga out with a short trigger press release. They'll (Sellers) try to stack the deck now.
"Canadian marijuana stocks have capitalized on investor enthusiasm following nationwide recreational cannabis legalization in Canada in October and state legalization measures approved by U.S. voters last week in Michigan and Missouri.
Left said he understands why investors are excited about the cannabis market but said Tilray is a dangerous way to play the trend. Right now, Left said Canopy Growth is the global market leader, although he has no position in the stock."
Yes. They're almost in bull zone strength. ACB is the lagger of the group in terms of strength, but sector still out of correction (minus ACB for now). Talking heads keep pumping Canopy as the leader; despite ACB the largest of them all.
Almost there (7.23); volume remains strong (bulls).