A quick channel trade @ FB

I suppose we have a good stable uptrend. In a channel. And as we are on top of that channel, I believe that the price will fall for probably this week. At least to the middle of that channel.

I will enter a small short position, with a tight stop at the NEXT BEARISH candle.
In my experience, If a price goes in my predicted direction, it does so without going the other direction first.

So lets see what happens here.

My SL will be around 169
My TP of course is the bottom of the channel. BUT there are supports at 166, 160 and 156. So if price comes close to those regions, look out and at least move your SL to break even.

Comment:

Well, the bulls want Zuckberg to grow richer, it seems =) (imagine Yoda saying that)

Trade active:

It looks like FB ended his pullback to the top, with a small bearish candle.

For me, thats my entry trigger for a small short position.

I will wait till tomorrow and see if the downtrend continues, so I can rise my position.

Good luck and good night for you!

Trade active:

position enlarged.

SL at 171.46
TP at 165.15 (for now)

Gives us a 1 to 5 risk/reward (nice)

Comment:

well... It looked not too good in the beginning, but looks very nice right now!

Profits coming in, I keep trailing this stock, since that channel is not the most steady one I've seen.

Go Bears!

Comment:

I've had good profits so far. Lets see how far that channel can go ;-)

Comment:

We are still in profits, but I don't like all that sideways moving. So I cut my Position in half, one half is sold, the other one will be trailed tightly.