Thread by @marketwizard87

$PENN #Trading Idea Updated: Another ABC, another ATH... PPO still bearish on daily. Approaching final PT. Weekly beautiful long term trend. Watch for chances to add @ SMA20. When Super bowl ends, consolidation on weekly begins.

Invalidation: $76.62
PT: $112

#tradingpsychology

$PENN #Trading Idea Updated: Ending diagonal setting up? $112 is the balance area PT. Bearish PPO divergence on weekly. NFL Season ends in a few weeks. Will an end of the NFL season & the January effect cause daily/weekly consolidation?

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$PENN #Trading Idea Updated: Ending diagonal setting up? $112 is the balance area PT. Started to break down yesterday but was saved by an upgrade this morning.

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$PENN #Trading Idea Updated: Ending diagonal in play. Is this one done until April? SMA20 is at risk of being lost, watch today for follow thru or reversal of yesterdays selling. One can be short against the high $111

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$PENN #Trading Idea Updated: Broke down of rising/wedge/diagonal pattern and found demand @ SMA20. Bull flag posture, and an upgrade this morning. Bulls trying to find acceptance above $100. Still in wave 3

Is an ABC into SMA50 setting up?

Long from $27

#tradingpsychology

$PENN #Trading Idea Updated: ER today & price is lower. Ending diagonal signaling end of wave 3? PT from balance area was hit. Consolidation on daily/weekly underway?

NFL season concludes this Sunday.

#patience for entries, need about 6-9 weeks for best r/r

#tradingpsychology

$PENN #Trading Idea: NFL season is OVER. Price dropped 9%+ on NO NEWS. The gap from last week has been filled. Reversal on the daily is likely & it may morph into a reversal on the weekly. Wave 3 over?

#patience for entries, need about 6-9 weeks for best r/r

#tradingpsychology

$PENN #Trading Idea: NFL season is OVER. Price dropped 9%+ on NO NEWS. Ending diagonal breakout, then heavy selling volume and close below Friday's low. Reversal candle on the daily, Is she starting the next ABC corrective pattern?

$3-$130s in 1 year = epic

#tradingpsychology

$PENN #Trading Idea: NFL season ended & price dropped 10%+ on NO NEWS. Ending diagonal breakout, then heavy selling volume and close below Friday's low. PPO bearish divergence and price closes below EMA5.

TIME > PRICE

Steep wave 4 correction incoming?

#tradingpsychology

$PENN #Trading Idea: A leg of ABC correction could be nearing completion this morning. At least worth a daytrade @ $109. Watch hourly for clues.

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$PENN #Trading Idea: A leg of ABC correction completed on Friday. Now looking for B leg high to come in near 50% retrace of A leg ($121). $93.13 daily higher low. Searching for wave 3 top then 38-50% retrace of wave 3 for next best swing trading entry.

#tradingpsychology

$PENN #Trading Idea: A leg of ABC correction completed on Friday. Now looking for B leg high to come in near 50% retrace of A leg ($121). Looking for Wave 4 low to complete. Watch reversals into $98-$100 level for next #swingtrading entry.

#tradingpsychology

$PENN #Trading Idea: Breaking down on daily = SMA20 on weekly incoming? Would align with $IWM correction.

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$PENN #Trading Idea: Still in rising wedge/ending diagonal. IF she breaks down, I will be looking for the C leg of an ABC on the daily charts near SMA200.

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$PENN #Trading Idea: I sold remainder of my position from June 2020. Rising wedge/ending diagonal breaking down? Outside on weekly.

Did the ABC complete and new ATHs in play?
Did she top and a 50% retrace is in play?

Since I sold, you know how I feel.

#tradingpsychology