As GNC breaks its major upward trendline , a short position is entered with a tight stop.
As this trade progresses, longs would will be forced to exit, creating a potential for a steep move down
Factors leading to the decision:
As always, use a tight-stop and if it rips down, let it run and trail stops behind.
As this trade progresses, longs would will be forced to exit, creating a potential for a steep move down
Factors leading to the decision:
- Long-term upward trendline broken
- Decent bullish volume showed up at the trendline break, noticeable to traders looking for a sign to confirm the recent downward pressure
- A recent small retracement created a lower-high which is an ideal place to put a tight stop for the trade
- The short-term trend is down, so this trade is considered to be with that trend
As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Comment:
Still hangin onto this trade... moved stop to 1.74
Trade closed manually:
Closing this, can't go much below 0.46.