I have taken an anticipation entry at 4563.75 on the hourly RTH chart using the pattern of a bearish rising wedge in a down channel and the three-push pattern at the top of the wedge.
I am using ATR indicator as well to anticipate a breakout and increased volatility. Volatility expands on a down move. Notice the bullish falling wedge on the ATR signaling a breakout.
I have reason to believe that the market's objective is down there at 3950-4000 area.
My stop loss is a one bar stop above the high of the pin bar of Wednesday November 22nd at 09:30am EST. That gives me a 20 point stop with a potential reward of 500 points. Potential 28:1
This will be a reversal trade. The short term momentum is bullish but the trend is still bearish medium term. Long term I am still bullish to 5250. This will be a counter trend trade to the overall bullish move I am waiting for.
I am using ATR indicator as well to anticipate a breakout and increased volatility. Volatility expands on a down move. Notice the bullish falling wedge on the ATR signaling a breakout.
I have reason to believe that the market's objective is down there at 3950-4000 area.
My stop loss is a one bar stop above the high of the pin bar of Wednesday November 22nd at 09:30am EST. That gives me a 20 point stop with a potential reward of 500 points. Potential 28:1
This will be a reversal trade. The short term momentum is bullish but the trend is still bearish medium term. Long term I am still bullish to 5250. This will be a counter trend trade to the overall bullish move I am waiting for.
Komen:
The measured move takes it down to 4050 into the peak formation low from earlier this year and to potentially take out stops from the higher level longs. I think 3950 might be a too aggressive target and I will scale it back to around 4080
Komen:
Komen:
Dagangan aktif:
Still holding this short down to the 4050-4100 area. Expecting this would be a 3 month hold at least until February
Still holding this short down to the 4050-4100 area. Expecting this would be a 3 month hold at least until February
Dagangan ditutup: hentian tercapai:
Stopped out. Still have the same thesis just wrong entry/timing