/biz/ - Business & Finance

>>23016342
4: Levels for dailies (we're going in the other direction now: dailies -> monthlies).
First thing to notice is that IBKR being niggers, the VWMA is fucked compared to before despite no settings being modified so I'll ignore it here. Someone with noncrap software should try it and report back.
For price levels I like to use fibonacci for orientation, and structural elements for confirmation. I removed most of the lines to have an easier view of the thing. I drew the fib from the low to the first high before retracement. Any fib will do for the analysis with structural elements (usually you like to confirm with other indications as well, the more the better, fib is only here for orientation). You can also use multiple fibs overlapped, and remove lines that don't overlap between the multiple fibs.
Range on this fib is 4.96 and base is 3.75.
The 11.77 level is actually higher than the rejection, which is the 138.2% Level (cannot be drawn with ibkr, but based on the above range and basis, should be 10.64).
The 100% level is 8.75. In general, you really want this level to be higher than your cost basis. If you entered above that level, you fucked yourself. Sorry bros, it's the truth.
The maximum pullback I think is possible based on this is 76.4% (that is, 7.54). I would watch the next candle or three and aim to enter around ~7.9-8.1 (this is about the resistance from the previous pullback). This level is reachable because the bullish down line we drew approximately lines up with it within a few days (the line is very flimsy: it relies on exactly 2 previous structural elements, so it is flexible and also unreliable, but still a decent way to make a bet) and because it's a fairly good structural level. SL no less than 7.1. If so, the bounce back can bring GME to the 261.8% level (16.73). Take profit around 15.5 should be good (it's a strong previous resistance so will almost certainly pullback when reaching this level).