DD short setup. Target 65.45 Stop 68.75

120 5 1
Sorry to ask, but why are you shorting in the buy zone of an up trending Channel? Take a look at my detailed analysis of why bulls are still in control. The high volume spike was a fresh batch of buyers coming into this market, because it had a low volume test yesterday.
Didn't you short another stock in an up trending channel too? Was it FB?
+1 Reply
Barker EliteTrader101
No problem, glad you asked. It was Macys that I was short.

Being that shorts are tough in this market, I keep my stops extra tight.

I am short here for a couple reasons. 1, the stochastics on multiple time frames are rolling over. Weekly included. 2nd, DD is just below major resistance at 67.90. A close above 76.90 would be bullish so my stop is 68.75.

Lastly, upward channels typically break to the downside. Conversely downward channels typically break to the upside. Here we have a upward channel. DD has recently made 52 week highs and is trading below strong resistance. I'm betting that the high of 69.75 put in on 6/9 will be it's high for a while.

Thanks for asking and please remember, it doesn't matter if the trade works or not. As long as you learn from it. Always learning.
OK, You were short Macy's a bit too early, did you reshort at the top?
I still think DD needs to close below the recent lows before the bears win this battle, it may just pin off these lows today with the SPY.

Barker EliteTrader101
I did not re short.
Great call on this short, I took a look at intraday 30min and 1hr and both were below the 200ma and ema before it dropped. Great lesson learned on this stock.
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