BA touching the previous high back in Feb 2015 at around $160 Charts showing an ABCD completion with a rising wedge at the resistance level.
Took the risk and shorted close to the top at $159.55 last evening with small SL at $160.66 An alternative will be to wait for the break below the wedge
Trade active
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Still in this trade. Price just refuse to break below the rising wedge, will shift stop loss to breakeven when price goes below the wege (confirmation)
Trade active
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I probably took the trade too early and it is still hovering around my entry price. This is making me anxious, this is where we have to control our trading emotions. Zen.....
Trade closed: stop reached
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I placed a very tight stop loss on this trade, expecting it to drop immediately. It tried to break below the rising wedge but failed.
I am out of the trade with a $1.11 loss per share.
Yes, it still has not broken through the last resistance point of 160, however it is not showing any sings of selling either. If we take a look at March 2015 we could see nice swings between levels 150 & 156, and I could say for sure it is not going any further up, nevertheless, at the moment, it is preparing to jump up rather than to jump down. I think so.