vlad.adrian
Short

JPM - Daily double top, on weekly triple top

NYSE:JPM   JP MORGAN CHASE & CO
138 3 2
I posted a JPM             chart a while back, saying that it looks bearish because of the double top , the long lasting divergence and the false breakout above the all time high from a long time ago. Well, that double top turned into a triple top, and although there are not many daily bearish signals, I like to trade these extremes, because if I am right the rewards are going to be huge. I entered short today at about 60.50$, soft stop, and a first target around 52, 53. It is a low probability trade, because I am trying to catch multi year top, but the position is smaller than usual.
05.12.2014 stopped out at 62.50 (hard stop on this trade)
snapshot
Reply
I agree with your short assessment, I am short C. Financials will be first to give in this market. You stated in a response to QQQ that you expected market to continue to swell. Do you think that general market and tech will grind higher as banks fall or weaken? thank you for your reply.
Reply
Yes, I think the market will go higher. I don't know about banks in general, but JPM seemed a good sell
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