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hey everyone mission here looking at pot stocks again canopy growth CG sees the ticker I did a video a few days ago when everybody was hating on it and I said well there are reasons to expect some sort of a support zone they announced earnings and I think the day later or a couple of days after that to other companies reported which compiled the problem so it fell on earnings from here to here and then continued lower twice on two different headlines and then I did the video and the video was very popular got a lot of likes there are a few that didn't like it I don't know why because I kind of called the bottom in it so if you watch the video and you expected the support that I said might come because of the reasons I noted in the video then you made a lot of money how much money let me see here quickly what is it 50 50 % boughs oh my gosh okay so quite a bit of money but you know these are small dollars from but six dollars on a 14 base it's pretty good what was the number that I mentioned I think it was $14 and let me revisit why okay this is not to boast this is to make another point so this is a weekly chart of CGC same company every candle is one week and in the video go watch it I don't remember my exact words but I do remember mentioning this in 2016 that was an odd week right a lot of love and then completely gone and then it took them a whole year to break out of it and they had a good solid consolidation here I mean this looks like a few takes but it's actually almost a month it's every one is a week so oh a mistake they took a year to fix it and then they broke through it and then since then had been support and then now they're falling back into it so this is this so the point is when you fall back into a prior pivot which had been pitted a few times one two for sure three this one in spirit but you know it isn't it doesn't count as much because it's a pair really so it's not going to be butter that's probably exactly what I said in the video so what about now is it time to book first of all personally anytime I get a rally a 50% rally in anything I have I booked it history tells me I'm not that lucky so other reasons why I would book it or spread it so for example what does that mean if I bought calls they're hugely profitable now if the stock rallies a little bit the calls rally a lot of it like thousands of times so if somebody's lucky enough to have calls let's say I bought the twenty dollar call I can probably now sell the thirty dollar call of the same period and collect more than I but what I paid for mine so in essence I'd be long I got paid to be long so locking in profits that's one way you're doing it or I can just sell them and rebuy him so why would I be the seller and then rebuy because of the same reason I said before the same reason that was bullish or expecting support wasn't really bullish I was expecting support I would expect resistance so this is a Ledge right they made a stance support boom they try to make a stance it wasn't they fell and in fact it has now been resistance so I expect resistance once they get there moreover there's another ledge right here and they're almost on it right now so specifically if I wanted a trigger to go long if I'm not long yet and I'm debating to go long which is a crazy idea at this point I would at least need to see a break of this little guy or a break of this or break of that and buy a break I mean up and and then a close above it so how do breakouts happen if this was resistance and these are the Bulls they hit it they go like this they tried to hit again let's say they go above it and then they should hit it here to make sure it's support so they can build on it and if you look at this what does this look like that's how inverse head-and-shoulders form they hit the neckline they fail to hit the neckline they fail a lot worse they hit the neckline they fail not as much they hit the neckline and now they have an upside-down head and shoulders which is bullish so if they're able to do this then they overshoot and rally about this much in theory which will bring us to the next level right so the good news is that they erased the fundamental drop on earnings so they said you know what that message in the earnings we believe the CEO or whatever or actually Acting CEO there's not even a CEO this may be the next catalyst they announced the CEO and then that just gives it another leg I'm not saying to short it here I'm saying if I just had a stock if I was long a stock that just rally 50% in three days I'm booking that bad boy or I'm hedging like that somehow or I'm getting my money out so I'm playing with house money so the same reason that told me expect support ice I think we should have some resistance here that alone is not reason to short it that alone is not reason to short it but that alone is reason for me to trim my profits to hedge my bet to not start long until I see this so that's the message of this video this video is gonna be a lot shorter than the other one but the same point applies if I'm not using charts I'm missing so much so much if you don't believe me that the charts tell a lot so here's this pie I track it for members so these are lines that I drew for us to guide me and whoever's reading my notes through the next few days they end here because I probably drew them somewhere before that and I extend them a little bit forward so to me this was a meaningful line this was a meaningful line this was a meaningful life for several reasons and this was meaningful line so here's what happened this is what unfolded since I drew that look at this bounce happened exactly at my line and then they lost it on silly headlines from yesterday and then they came back to exactly the same line before they faded and now they're coming back to the same line so looks familiar to CGC this is a completely different chart this is the ETF for 500 companies the chart is the chart so let's examine another line in there so what about this little candle this one right there so if I'm gonna zoom in on it look at the this little candle right here is exactly this blue line right here and it repeats so what about this little candle I mean this line right here is exactly this bottom so they overshot on the headline but this is really where they meant to stop because the next time they came back to it they stopped the head of it exactly where they should have based on prior history because of these this cluster this cluster this top this how I come up with my lines I don't just pick him out of the blue this one was a top here which happened to be my extension of the high which you know we had a huge gap we filled the gap and this is just a spy so fundamental traitors I'm a fundamental trader I don't do anything without looking at charts absolutely nothing because you could have the best thesis in the world if you're buying something going into a pivot point like this one you're there are better play it's not an obvious point of entry even though my thesis is above it so unless my timeline is really long then I should hold off so you think this is my opinion so this is AMD champion stock really champion I mean I thought it was gonna break out here to get to here it did it but after a couple of tries and it came to exactly where I said a little bit more and this is not the first time I don't predict the direction but I can tell you once it breaks a line where I think it's going like here I said there is a two scenario set up if this one happens we're gonna test this zone if not this zone so the point of this AMD stop the pros out there in Wall Street are watching the the charts okay so this is a daily chart for one year this is a weekly chart for five years you think oh my gosh this thing is never gonna come down you say this has never happened before I challenge you I bet you some the guy that downgraded it this morning or the person I don't know if it's a guy or a girl was looking at this so this is a monthly chart this is AMD back to 1999 and before okay so it's done this before and look at this level right here the person that looks at the chart and doesn't say book your profits in AMD up here and and still says by AMD up here is really gambling with other people's money really this is that yeah and this is not the first time it's happened this is the dot-com bubble and it's still lower than the dot-com bubble level so it's not an all-time high for AMD mine dude is a different company now but a chart is a chart so it did this rally and fell apart like 95 percent 95 percent here it is I'm not saying it's going down by 95 percent but I'm saying there are better entry points in AMD and this is why the person downgraded it this morning they're not dissing the company they're probably thinking I didn't read the note but it probably says something along the lines too much too fast which really means it's not an obvious point of entry it would be somewhere around 30 for a better point of entry next level down will be 30 ish and 27 and a half we're just backtracking so how did I trade AMD okay so on the day everybody hated it after the earnings I think it was I sold puts when everybody was afraid of it at 26 for December collected money I think it was 1.1 and then when the fear is abated bought them back for pennies so I didn't Bank on a rally I bet against the fears so when everybody's afraid of it illogically afraid of it then this is the time to pounce but des buy it up here is really taking a big leap of faith I understand Lisa Sousa genius and she's gonna do fantastic things but downgrading it here is not insane I'm not saying short it up here this is what I call th-th it's too high to chase at this point after this rally and too hot too short it's okay to say I missed it let me find a better entry point looking at this a better entry point would be here thirty first of all this cluster right here would be good and this cluster right here would be good this was a pivot point that white line so let's extend the white line over here there are 34 it around the numbers okay if it gets below 35 ish the sellers will start to get into control on the daily basis now if somebody's faster trading they'll probably use something like a 15-minute chart which has a whole bunch more information but useless to somebody who's doing it long term here I can see that 38 is a pivot point of sorts and the zone between 36 and 1/2 and 37 is and according to the math this is the point of control where most of the action happened believe it or not so it's falling into a support zone on a short-term basis you know if somebody's really fast then they're trading on a five-minute chart but I can't imagine a lot of people who want to do that so here's a two-hour chart that shows the extension so it's like just catch the rally the volume from the rally tells me that most of the action was here 36 and change so wouldn't it make sense for me to try to buy it as the 36 and change and if you believe in Fibonacci I did not do this ahead of time so let's let's see how accurate that dude is so what did I say 36 36 and change the 50% retracement of this rally did I catch all of it I mean let me delete that and do it from here so really this is where the rally started so the 50% retracement is somewhere around here which is pretty close to the point of control so wouldn't it make sense for me to let them take back half the rally ish fall into support for this period of time and then buy it long even if I disagree with whoever downgraded but anyway so I meant to do a short CGC and now we did the spy and we did the AMD if you don't already subscribe to the YouTube channel hit the button on the top left and also there's a free pass to the chatroom give it a go
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