VLTC Daily Short
This is my favorite short. Massive background markup allowing distribution as shown by volume. Minor rally upthrust on May 01 shows more weakness. Stepping down of price in an orderly narrow spread fashion, just to see how low price can go without a break. 06-03 looks like a quick short covering rally and confirmed by price immediately giving and heading price level from short cover rally occurred.
Now over the last three days we have a sort of 'peeling off' of price. Wyckoff called this slab sided and usually indicates a nice break is about to occur. I'd like to see the break go right through support of 6.00. This market has a long ways to fall.
Either should have go 1. short on the close or to prevent false positive, 2. enter a short stop under the mtk so you'll be taken in on the break (prevents getting caught in a rally). Only risk with that sort of entry is a spring below the mtk taking you in and then a late days rally to the highs. Though there's so much weakness in this market I expecting the break
Now over the last three days we have a sort of 'peeling off' of price. Wyckoff called this slab sided and usually indicates a nice break is about to occur. I'd like to see the break go right through support of 6.00. This market has a long ways to fall.
Either should have go 1. short on the close or to prevent false positive, 2. enter a short stop under the mtk so you'll be taken in on the break (prevents getting caught in a rally). Only risk with that sort of entry is a spring below the mtk taking you in and then a late days rally to the highs. Though there's so much weakness in this market I expecting the break
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