11/7 Wednesday
(10:10am CT) Entered Bearish @ $280.19
Entered bearish just little bit ago here after seeing the market as a whole crashing. Looks to be forming a shooting star reversal here. I really need the volume spike up today to really support this bearish reversal here.
Gap support coming up soon here at $265 which will act as support.
Targets: $235, $215
(After Close) Low Volume Concerns Me
We got nice and good looking Shooting Star appeared at resistance. However, I am concerned about low volume today. I mean yea $CMG usually don’t have high volumes but I wanted at least higher volume than yesterday’s volume but we didn’t get that. So that’s going to be a concern going into tomorrow. I would feel lot better if we fill the gap below by tomorrow EOD.
11/8 Thursday
(1:48pm CT) TANKED
11/13 Tuesday
Bear Flag Is Starting To Form Well
Take a closer look at the volume. As you can see that as the stock rose last three days but the volume continued to decrease. This is how you can spot flag patterns. In this case we will call this Bearish Flag Continuation pattern because it is just a resting pattern before it continue to its original direction since about a week ago (which is bearish).
Today we closed with a Tombstone Doji (long upper wick with tiny body in the bottom) which also gives us sentiment of bearishness especially the Tombstone Doji was formed at our recent resistance. I was looking at this in the intra-day and we were up pretty bullish in the morning and I was tightening my stop and then towards to the end of the day, it started retracing and now forming this long upper wick (could also be perceived as a Shooting Star).
My target is still around $236 which is going to pretty solid support.
Green is 10EMA and as you can see it has been served as resistance this whole move last three days. It never was able to close above 100EMA and this suggests that struggle is there as it tried to find some bullish momentum.
10EMA definitely held well last three days and I won’t be surprised if we just start to tank tomorrow.
11/14 Wednesday
(11:25am CT) Tanking But Low Volume
We got very strong bearish candle forming right now but as you can see we are running into recent support (see arrows). We will need some good volume to push through that support. We must close below that support area today if we wanna see this thing to travel lower. EOD volume and support will be critical.
11/16 Friday
(9:31am CT) Moving Averages
10EMA and 20EMA are currently acting as resistance and it has been since the fall on 11/8. In the event that $CMG breaks both of those two moving averages and continue push forward upwards, I would close out my positions and wait for the next move.
(10:12am CT) Possible Bear Flag
Looks like it’s retracing a little bit here as 10EMA is acting as resistance currently. I propose this morning that we might be forming a bearish flag for another big fall. It’s still early to tell but as of now temporal bulls are losing steam it seems like. My target remains the same at around $235
Weekly Chart Still Looks Bearish
First I want you to look at those two Shooting Star reversals (see arrows) after a bullish run. It has been taken out the short-term bullish move and it resumed with bearish run and I am expecting similar move here soon. As you can see the volume is very weak this week so I am not so sure if bulls can take over completely. Again this is a weekly chart so we might not see immediate effect on this argument but I think it gives us a good frame work coming into next week.
If you look at the daily chart, we still haven’t broken 20EMA to the upside (we are just sitting right below it). If 20EMA is broken on Monday, I would think short-term bullish attack might begin. But all in all, I am still bearish on $CMG.
11/19 Monday
(11:10am CT) Stopped Out @ $265.94
Got stopped out just little bit earlier. We got a three while soldiers marching up right now. Seems to be very bullish in a short-term here. Looking at weekly though, we are possibly looking at some pressure from bears there but for now, we might be heading back up to $284 area. Indexes have been also very bullish this morning and that definitely boosted $CMG’s move today.
got triggered bearish at 261.50 now regretting it. What was your trigger and what is it now? What’s your rule when setting them up? Your help is appreciated. THX
@sdmstrtrader Hey bro. Well if u got triggered, it’s not that bad. Remember it was a “do or die” set up and was tight trigger. You should pur your stop jist above Friday’s upper wick and see If it’s gonna roll over. I am in my phone so I dunno exactly what my trigger was but I didn’t get triggered in the morning. Now my trigger is just below todays lower wick…
@2kaykim @sdmstrtrader you are right. I saw the opportunity Friday. Low volume shooting star, but now i think that my trigger was a little bit high. My stop is tight @ 267 (below the high). Volume was also low today. We’ll see!
@sdmstrtrader $267 is too tight for a stop IMO. yes volume is continue to decrease which is a good sign that bulls are losing their strength. I do have a hunch that we are going to move sideways for few more days..
@2kaykim Thanks. I think i will set it up a little bit above Fridays wick. It needs rooms to move.
@sdmstrtrader yea cuz i dun want u to get stopped out when it starts to tank. If I get triggered tomorrow, my stop will be above friday’s uppwer wick. Also if you look at your EMA, 10EMA has been acting as short term support so if we can break that below, we be good
@2kaykim I went ahead and bought puts on CMG today, may have jumped too fast on this trade. Please post when you take a position. Thanks.
@daytrader305 Ok I think it’s alright. I didn’t get triggered in the morning so I did lower my bearish trigger. But if this thing starts to trade down below today’s low, I will get triggered. Watch out for 10ema which has been working as support today
Good morning Kay — do you feel that 265 will act as support on cmg?
@AngelG hey Angel. hmm i think we gonna push through it. Gaps already filled so..
@2kaykim
Thanks, Kay — your analysis is fantastic — clear, concise. Keep up the good work!
@AngelG sure Angel =) even if CMG retraces from that gap support, i wouldn’t worry going into tomorow.
Sounds good, Kay. Thanks!
Purchased CMG Dec put earlier today — looking good! Thanks, Kay!
Dude, I can’t login to the live chat! I click on “Log in using FB” but screen goes white. What is going on?
@IshanSood hmm let me check
@IshanSood it should work fine bro… we had many people in there this morning
@IshanSood i just checked and works fine…
Hi Kay — having trouble getting into chat room on Mac. Won’t let me in at all when i sign in using the twitter option. I was able to sign in using ipad but started having problems as well — scrolling. Can you give me any advice? Thanks! (Was in earlier as beltwaytrader). Still hanging with CMG put
@AngelG hmm chat room not functioning very well. i emailed the RUmble Talk guy to fix it
@2kaykim you still bearish following yesterday’s action? went back up to 260. Does it change your view at all? Any update? Thanks!
@ricster3 nope it does not change my view at all. im still bearish and still holding my puts.
@2kaykim my trade is not looking good at all right now.. entered bearish yesterday around 258.
@ricster3 looks like its retracing. bears might come back towards to the end of the day which it has been happening lastely
@2kaykim I think I’m going to buy some DEC 270 calls just in case on monday.
In theory, the rebound from 234 should fail, but I’m not sure if we will re-test 234 (or 240), or if 253 was the higher low… Damn it! That close @ 262 is worrysome..
@ricster3 hey yea so 20EMA is still hasnt been broken so if bulls push through 20EMA on Monday, I think they might gain some control.