As you know I'm a FB fan at the moment, I believe it is putting together a large base and we have thought that since August. I still like FB for the longer term based on the base, but for shorter term trading positions, I might consider taking some profit off the table as many of you have +25% to +40% profits , which is a really tough call right here because we are looking for FB to make a breakout move on high volume to signal the transition from a stage 1 base to a profitable stage 2 mark up period.
I certainly don't like the idea of closing FB altogether as this is in my opinion, just the start. However if you are a trader in FB, it may be time to take some profits and wait for a pullback to re-enter.
Our first trade in FB long at the green arrow worked out well, in white the base. FB is one of those few stocks that trades on its own no matter what the broad market is doing.
The long term 2 hour base, very positive so I still love FB as a longer term long position.
On this +*% move today there's a negative divergence on the 2 min
The 5 min
The 15 min and just about everything in between.
I still would like to have some exposure to FB as at the 30 min chart we have confirmation and of course the longer term charts look great.
This hopefully is a great opportunity to pick up some more FB at better prices and lower risk.
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