Good morning all. Some people may have gotten excited about the large descending wedge on the daily. I personally ran an awesome short and here's why: 1) We formed an ascending wedge with four solid points of contact. 2) Volume continued to decline, even at breakout point. 3) The daily printed a shooting star candle at the point of breakout. This is a clear example of why we must wait for confirmation before entering a trade.
Comment:
Have to add: that doesn't mean we cannot bounce off the orange line and begin an upward trend.