As this trade progresses, longs would will be forced to exit, creating a potential for a steep move down, at least to the trend start around $190
Factors leading to the decision:
- Price was rejected trying to make a new high in January, creating a new minor downtrend
- Heavy volume as it broke the upward trendline
- Today (entry day) price came up to re-test the trendline and was rejected
- Price has crossed and held below the 20ma two weeks ago
- Two recent high fractals offer great places for tight technical stops
As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Note
Still hangin onto this trade... moved stop down to 180.25Trade closed: target reached
I was stopped out of this successful trade at 180.25 for a 15% gainDisclaimer
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.