-Huge 9 year pattern -Lower boundary tested many times with out of line moves -Established medium term downtrend -50SMA is firmly below 200 SMA weekly -Daily retest of underside of horizontal boundary friday close -Measured move down to 44.37
30 basis points of risk Could prove quite difficult to trade such a large pattern. If I am stopped out, will wait for a continuation pattern to get short again
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Stop sell order @ 69.12 SL @ 71.36 Will implement trend follow strategy
Trade active
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Short 69.54 @ Market SL 71.77 Trend follow model for trade management We are a day away from the month close, If we are still below 70 by close tomorrow, cannot see price meandering at those levels
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Happy with that monthly close
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Stop @ 71.43
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We had a strong monthly close below $70 but the price back above $70 and the bollinger bands squeezing is making me nervous
It looks like $67 might be the next point of resistance. Seems to be pottering around current levels, needs some poor macro news to confirm the next leg down I reckon.
TomKirk
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@duncs1981, Well today there was a news release that CBA would be paying $700 million in fines and did not seem to affect it. Theres bound to be some chop i.e. smart money distributing to the masses and shorts been shaken out especially with such a large pattern at an obvious key level. I think I will want my stop @ my entry by weeks close but see how it pans out
50% PB from Ath not out of the question.
Patience required