Triple Top Joe - Quick Swing Short Entry After A FOMO PumpIn the past roughly 12 hours JOE has increased nearly 10 percent. We can see the formation of 3 tops of clear resistance for price. This quick jump in price indicates a FOMO pump from long buyers that typically ends in a pull back as those that bought in earlier dump onto those near the 3x peak seen previously. We have not seen price break our stop loss since April after a long bearish decline giving a clear stop loss if this trade goes wrong. A 3-4 percent risk for a possibly 5-7 percent reward seems very possible into the first support zone here and possibly into target 2 once we see what the market is doing.
USE A STOP LOSS HERE DO NOT BE FOOLISH. This is a slightly "lower risk" higher reward trade that may not win. I am betting on previous 'wave action' that a slight 5 percent pull back is possible here. If you do not and price action breaks resistance price action could keep rocketing upwards as people FOMO buy. Enter at your own risk as in the short time of writing this I have seen price increase and decrease by 2 percent. Good luck.
