FB Update

As you know, I've been looking for a pullback in FB, I suspect I will look to open some new call positions in FB on the pullback so long as the underlying trade remains positive as the very positive 60 min chart suggests. Yesterday I showed you a clear technical price pattern and speculated that it would be used in a head fake manner to start the pullback, today FB is starting to pullback (-1.85%).

This is the chart shown yesterday with a clear bull flag (bullish continuation/consolidation pattern), which means technical traders expect FB to break higher.

From yesterday below this chart... "FB has formed a bull flag/pennant, this is a bullish consolidation/continuation pattern, while I'm not sure how many people are buying FB, obviously some are so there's a chance for a head fake move on this price pattern as price now is right around yesterday's resistance."


Today's move...

 Here's the initial suspected False break higher, I'm looking for a pullback even deeper from here.

 The 1 min chart's trend suggesting the pullback, I'll wait to see a positive divergence in to the pullback.

 The 60 min chart suggests we will see higher prices and an opportunity to enter a long position at a better price with less risk.

The hourly Trend Channel started with a stop below $26, it has now locked in gains to $31.

I'm going radio silent until after the F_O_M_C unless I see something that needs to be reported.