SMG Short following break down from channel
Updated
SMG has recently broken down from monthly trendlines. We will wait for it to recover to volume node and then enter a short position, risking off the 78% fib retracement, which is unlikely to occur. Do not enter position until signs of weakness or target is reached.
Comment
One thought is, it may be late for this trade as our opportunity to sell at volume profile node was on 4/23. Was not monitoring for this trade at that time sadly so good chance we will not get the opportunity.Comment
No entry yet, but still looking for price to come up to volume node for the opportunity.Comment
No entry yetComment
Price is moving down but no entry taken yet. Some support here at 79.05 provided by 4/30 high volume red candle with long wick. We are now 1/2 way down that long wick and at 9/12 lows. There should be some buyers here but I have no recommendation for buying.Considering closing this trade I think my original assessment that the opportunity already passed on 4/23 was the right one. The right short entry was when we touched the volume node on 4/23.
Comment
*cancellingComment
79.98 would be a good opportunity to close short early. Sadly I did not get my entry/saw the trade late.Comment
We hit price target today.
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