Facebook is closing on an important support at 24.71 flagged here earlier, but also a midpoint support at 24.84 (see inset) that should evince tradable support. Taken together, these two Hidden Pivots provide a compelling reason for camo traders to try bottom-fishing just south of here. I’d suggest limiting entry risk to no more than 6-8 cents per share. Please let me know in the chat room if you fill, since I’ll establish tracking guidance if at least two subscribers report getting aboard. _______ UPDATE (10:54 a.m. EDT): Facebook exploded this morning from within a penny of our longstanding target at 24.71. For camo traders, entry was perfectly signaled on the 1-minute chart at 24.91 (9:43 a.m. EDT). Buyers there never looked back. I’ll record a 24.93 entry unless a less favorable fill is reported in the chat room. Assuming 200 shares exited at the 25.13 ‘D ‘ target of the camo pattern, we hold 200 shares with a cost basis of 24.73. For now, use a fixed stop-loss at 24.36. ______ UPDATE (9:45 p.m. EDT): Switch to a stop-loss that would be activated by the creation of a bullish impulse leg on the 10-minute chart. At the moment, that would imply an uncorrected downdraft touching 25.68 (see new chart).
