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Ford is gradually restarting as America gets back to work, we even have another stimulus in the works that could generally help business. Still, this chart is giving us a nice short setup given the recent bearish trend and consolidating price action. All it will take is a bit of bad news, for example workers coming back to work and getting sick (just look at the issues the meat packing industry has been having), to send us back down to the bottom of the pennant. So let's look at a short setup.
Resource: www.cnn.com/2020/05/...factories/index.html + www.forbes.com/sites...s-package-to-happen/
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1. Fractal Trend has been showing a downtrend (Maroon bar color) on the 1 hour timeframe as Ford consolidates after the COVID crash.
2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon line color) and/or bearish S/R levels plotted by Directional Bias (Maroon line color).
3. Right now we are looking for a short entry off of R1 with a target of S1. Not only do we have orderblock and S/R levels to target, we also have the top and bottom trendiness of the large pennant that has been forming.
4. We will exit the position if our stop loss is hit or if Fractal Trend changes color, otherwise we will be looking for a test of S1 to close our position in profit.
Good luck family!
Like, Comment & Follow to help the community grow 🎉🎉
---
Ford is gradually restarting as America gets back to work, we even have another stimulus in the works that could generally help business. Still, this chart is giving us a nice short setup given the recent bearish trend and consolidating price action. All it will take is a bit of bad news, for example workers coming back to work and getting sick (just look at the issues the meat packing industry has been having), to send us back down to the bottom of the pennant. So let's look at a short setup.
Resource: www.cnn.com/2020/05/...factories/index.html + www.forbes.com/sites...s-package-to-happen/
---
1. Fractal Trend has been showing a downtrend (Maroon bar color) on the 1 hour timeframe as Ford consolidates after the COVID crash.
2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon line color) and/or bearish S/R levels plotted by Directional Bias (Maroon line color).
3. Right now we are looking for a short entry off of R1 with a target of S1. Not only do we have orderblock and S/R levels to target, we also have the top and bottom trendiness of the large pennant that has been forming.
4. We will exit the position if our stop loss is hit or if Fractal Trend changes color, otherwise we will be looking for a test of S1 to close our position in profit.
Good luck family!
