Facebook tight consolidation prepares to resolve

Facebook ( FB ) in the morning went through previous high at $59.56 but than reversed and gave us tactical entry with Short option. That was point where you make adjustments and should react quickly as market stays in range-bound mode.
After it came from $20s to $70s and then was sold off to mid $50s it enetered into wedge/range and recent action became very tight. I expect that it will resolv soon and will take breakout trades both sides.
Today, my plan is to trade with Short below previous low of the day at $58.18 and I expect to see some downside continuation. I have slight bias to downside as most of my moving averages curling down but it still stays above 200 MA ($54).
You should count overall market conditions. If it will confirm our selling idea then I am going to execute this trade.
Поиск торговых идей,
оценка настроений рынка, сценарии и торговые планы.
and now?
This is a symmetrical triangle pattern. This is a pattern where we don't know what's going to happen. There seems to have more pressure on the sell side and if we see a bearish breakout it could go to the $53 level
+1 Reply
andrew.berg AlexandreFF
Exactly. Sometimes, I prefer to enter with my feeler before breakout when pattern is tight. So that is how I get reasonable risk/reward ratio. Then add on break down so your average is comfortable.
AlexandreFF andrew.berg
That's a good reason i didn't think about, thank you for your chart
andrew.berg AlexandreFF
Thank you for your comments
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