matjaz70
Short

IBM multitimeframe resistance

NYSE:IBM   INTERNATIONAL BUSINESS MACHINES CORP
34 1 3
There is a short resistance (green line), long resistance (red line), market is extended. For my point of view good short enter with good risk control.
Hey matjaz70, your short setup definetely makes sense at the moment. Your illustrated resistances are really obvious. In the higher timeframe, a short is ok - but that`s not MY personell trading style. I never fight against trends, and for me the midterm trend is the most present trend, so i watch this trend. The midtermtrend is a clear bullish pattern, a bullish flag - one of my favorite and preferred breakout Patterns. I prefer pure PROcyclical Setups, i try to avoid " anticyclical high risk" trades. At this Moment, there is no longsignal - the Signal only is valid, if IBM tardes above the flags top edge.
As Long as IBM is trading below your illustrated trendlines, a short Position has a right to exist :-)
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