Aspen short looks like a Risky Biscuit - Here's why
This one is tricky and I'd consider a medium to low probability trade.
Aspen has just had a few days worth of bearish candles. Strong selling has clearly taken place.
During the time, it's formed an M Formation.
The price has broken below the neckline however there are danger signs that it might not work out.
1. 7>21 - Bullish.
2. Price >200 and needs to combat and break down
3. Smart Money Concepts - There is a fair value gap with an inefficiency of buying and selling.
So the price is likely to go up at least 50% of the gap before choosing.
4. The JSE is in a jovial and positive mood right now...
So you can see there are conflicting signals and if I had to get in, I would only risk 0.5% in this trade.
RSI<50
Target R134.84
RISKY BISCUIT!
Aspen has just had a few days worth of bearish candles. Strong selling has clearly taken place.
During the time, it's formed an M Formation.
The price has broken below the neckline however there are danger signs that it might not work out.
1. 7>21 - Bullish.
2. Price >200 and needs to combat and break down
3. Smart Money Concepts - There is a fair value gap with an inefficiency of buying and selling.
So the price is likely to go up at least 50% of the gap before choosing.
4. The JSE is in a jovial and positive mood right now...
So you can see there are conflicting signals and if I had to get in, I would only risk 0.5% in this trade.
RSI<50
Target R134.84
RISKY BISCUIT!
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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