Fallen Angels //// ATRWhat do we do with them?
Ascending Triangle . All Triangles are neutral until broken and an ascending triangle can break down just as a descending triangle breaks up.
Flag formed but was unable to reach full targets due to a prior falling window or a gap down. This is possibly due to the the resistance at the top of that window and price has been a bit stuck.
Meta has been unable to break this resistance and if it does, I will update this post.
Price is still inside the structure as I type.
Triangles push price in to the narrowing nose of the structure like a vacuum. Eventually the structure will break one way or the other.
No recommendation except be safe closer to earnings which is estimate to be early February.
(Maybe they will give Z a break and he won't have to report but I do not think they can do that. Nothing surprises me these days though. LOL)
Short is at 1.5% approximate.
ATR is a volatility indicator. Periods of low volatility are often followed by periods of high volatility.
The ATR % stop method can be used by any type of trader because the width of the stop is determined by the percentage of the average true range (ATR). A cautious trader may use 50% of ATR but someone who is less cautious and wants to hold the trade may even double the ATR, then add it to price in the direction they are trading (short or long) as a stop. ATR is a measure of volatility over a specified period of time. A higher ATR indicates a more volatile market, while a lower ATR indicates a less volatile market.
ATR for Meta is 4.60.
At this moment on Friday 12-30-22, there is a bearish Harami forming. This 2 day candle pattern would need confirmation. Today is a foggy Friday (O: Not quite raining just yet. I would say the market is in a "slow drizzle" and is a bit difficult to trade. I feel the pressure of a thunderstorms on the horizon.
Happy New Year!
