Trade Idea Of The Week MACYS INC (M)
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Forgot to post this yesterday, but we have been in this trade since Friday with some puts trying to ride this market during this large pullback. I am still going to post this because even with this bounce today I still think it has more room to fall.
Last week there was a huge turning point in momentum and the selling volume started to pick up. With the signs of the overall market weakening we decided to go bearish. We will ride this trade until the short term trend is broken on the 15minute/30minute candles.
Best of luck!
Last week there was a huge turning point in momentum and the selling volume started to pick up. With the signs of the overall market weakening we decided to go bearish. We will ride this trade until the short term trend is broken on the 15minute/30minute candles.
Best of luck!
Nota
Patience within the shorter term trend on the 15 and 30 minute charts looks to be paying off here. Sometimes this technique can help people from getting out to early or entering a trade to early. Stay patient and let the tape tell you what to do
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