Meta also known as Facebook presents us with a Buy opportunity on the four hour timeframe. Looking at this price action we can see that price has created a channel ranging between 172 and 155, Price as strongly broken out of this channel and I now wait for a pullback.
I am waiting for price to pull back into 172.5 before sparking my interest in a buy position. Once we get the pullback I will be waiting for price to provide a rejection and show signs of buying pressure before entering.
My Target is at $200 per share as this is a point of previous resistance and a psychological price point.
I will be looing out for price to reject $189 as this could be a point where we get some sort of Rejection.
Be safe and be patient.
Prediction Analysis Overview Table
|Analysis Overview Information||Prediction Analysis information|
|On what market is this position based (Forex, Stocks, Crypto, Indices, or Commodities)?||Stocks (Securities)|
|What is the trading position identifier (Name and/or Symbol)?||META|
|Is this a Short or Long Position?||Long|
|Would this be considered a Short Term, Medium Term, or Long Term trade?||Long Term|
|As a Short, Medium, or Long Term trade, which best describes the position (Scalping, Day Trading, Swing Trading, or Position Trading)?||Swing Trading|
|What Time Frame chart is the position based on (1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, Daily, or Weekly chart)?||4-Hour|
|Depending on the asset, how much do you expect it to move in price or percentage?||From Entry to Target – 15.7%|
|What ratio of risk to reward is this trade/position? Choose your appropriate target(s)||Approximately 5 to 1 Target 2 N/A Target 3 N/A|
|What were the technical analysis tools used? Tick the appropriate boxes;||☐ Chart Patterns ☐ Indicators ☒ Price Action ☒ Support & Resistance ☐ Trendlines|
|From the technical analysis tools and indicators provided, tick the appropriate boxes for the tools and indicators used to analyze the position;||☐ Ascending Triangle, ☐ Bollinger Bands, ☐ Candlesticks, ☒ Channel, ☐ Cup & Handle, ☐ Descending Triangle, ☐ Double Bottom, ☐ Double Top, ☐ EMA, ☐ Fibonacci Retracement, ☐ Flag, ☐ Head & Shoulders, ☐ MA, ☐ MACD, ☐ Order Blocks, ☐ Pennant, ☐ Rounding Top Or Bottom, ☐ RSI, ☐ Symmetrical Triangle, ☐ Volume, ☐ Wedge|
Trading Prediction Success Probability Score
FSP ranks the probability of this trade a 5/10
- Wait for pullback
WATCH OUT FOR
- No Pullback, No Entry
Disclaimer: The FSP probability score is derived from adding and subtracting the positive and negative aspects of the position and is not a definitive sign of how the trade will play out. FSP is not in any way a financial advisor