FB Update

As of the last FB update earlier today, my expectation was for a rounding top/pullback and then to just be patient and see what develops.

 FB's 60 min chart has improved since the pullback/consolidation in the yellow box.

 Here's the rounding top that was developing earlier today, volume is nearly perfect for this price pattern.

 The 1 min chart is showing some relative strength in the very short term, we may see an intraday bounce or perhaps this chart continues to strengthen and migrates to the longer term charts which is one of the possible trade signals I was looking for. Note the gap area in yellow, this would be an interesting area to see how 3C reacts.

 However as long as the 2 min chart looks like this, I find it very difficult to justify a long position on a new entry here,

 The 3 min chart also leading negative

 The 5 min as well....


And a relative negative in the 15 min. I'd like to see these charts shape up before entering a new long position in FB which I have been waiting for for at least a couple of weeks. However, I'd much rather let the trade come to me than chase it, especially on a move like today, it seems a few people may have been caught chasing it judging from the downside volume on the second half of the rounding intraday top.