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- GameStop DOUBLES overnight
On today’s livestream, Jesse gave his thoughts on Gamestop ($GME), which more than doubled today over its close on Friday.
Is this a good place to buy?
GameStop more than doubles
Jesse, of course, doesn’t give buy or sell advice, but he said in his system, he wouldn’t buy here. For him, this would be chasing.
Here’s what he means by that.
Jesse wants to buy before a big move like this.
Jesse noted that the last buy signal on the weekly chart was two weeks ago at $16.47—about half the price it is today.
$GME weekly chart
Last week’s close added another confirmation of breakout which was the break of the almost 1,200-day trendline, which would’ve gotten you in at $17.45.
$GME breaks trendline after almost 1,200-day trendline break
If you look at the daily chart, the last buy signals were Apr 26 at $11.85 and May 2 at $12.79.
$GME buy signals on the daily chart
In fact, the May 2nd entry gave the higher probability setup on the daily chart with:
Buy signal
Higher low
Above the green trending dots
Trendline break
And it’s been ultra bullish on the daily chart since then, up 138%.
$GME daily chart
Of course, it’s not when price was at $12-$17 that everyone’s talking about GameStop. It’s only when it’s up 100%+ that people are looking to buy.
At $30, FOMO is kicking in—fear of missing out. “What if it goes 500%? 1000%”
But FOMO is the best way to lose money in the market.
Some people might make money buying here. But without a system, then it’ll create bad habits and that will end up giving profits back.
If you’re swing trading, then with Jesse’s system, he’d rather be buying at $12 before the move happens, rather than at $30.
Bitcoin note
Today, bitcoin closed back above the 100DMA and the $61K range low.
We’re still hoping this will be that bullish higher low, and that it’ll stay above the trending dots to push higher.
Bitcoin daily chart
On the livestream, someone asked Jesse about $PEPE, and Jesse noted that $PEPE has made two higher lows.
$PEPE daily chart
Maybe $PEPE is paving the way for bitcoin.
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Disclaimer
The contents of this newsletter are expressed in my opinion only, none of which is financial advice. Always do your own research as this information is intended for educational & entertainment purposes only.
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