FB Trade - The Power of Wolfe Waves

On TradingView, I had published my analysis on Facebook, over a month ago, simply using Wolfe Waves. While there were times when I doubted my own analysis, as the trade progressed, the confidence returned. Yesterday's earnings announcement from FB did the job as price literally shot through the roof, taking out the target price of $32.56.

FACEBOOK BUY TRADE - WOLFE WAVES

Click here to see how the trade played out.

I think the important point to stress here is the 'confidence' factor. If I recollect, there were instances when the fundamentals (in this case, investor questions) pointed negative. This could have rattled anyone who followed my recommendation. Notice how the BUY order was initiated on 10th June.. and immediately the next day, Reuters, reported this (Facebook tackles stock price complaints in first shareholder meeting).

From analyzing this trade, there are some clear points to note.

• Notice how price left the 'sweet zone' (highlighted on the chart in maroon), price managed to build a firm base right at our entry price of $24.12
• ETA didn't work out. It does sometimes, and at times it doesn't. In this case, the ETA was supposed to be 18th June. We were off by close to a month and a week.

All in all, this was an amazing trade. Below are the first posts I made before taking up the long trade.

Trade Setup - Long Facebook.

Now, we wait for Google to drop... follow the trade here.