luke1827
Short

Short IWM Swing Trade @ Triple-Top

AMEX:IWM   ISHARES RUSSELL 2000 ETF
60 3 0
Small cap companies are usually the first to feel the pain on the ground. As some put it, they are like the troops in the front lines, the S&P500             like the officers who stay behind the lines, and the DJIA             like the Generals who sit way back.

The IWM             has been hovering sideways for since March 2014, forming a triple top pattern. In my opinion, now would be a good time to SHORT the IWM             ETF , as:

1. Price was rejected off both the up-sloping blue dotted trendline resistance AND the down-sloping red trendline

2. RSI also showing weakness not being able to hit the channel ceiling

3. Risk-reward of this trade is decent

Entry: 118.5
SL: 121.5
Profit Target: 107.5
luke1827 PRO
2 years ago
snapshot


Looking to close half position if price hits 114.4. I will move stop to entry if I close half position for profit. Reason being, price might find support on uptrending blue slope and S1 Pivot
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luke1827 PRO
2 years ago
snapshot


Took half position profit at 114.4

Stop loss now moved to entry
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luke1827 PRO luke1827
2 years ago
Other half position stopped at entry.
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