Looks like a Shark - notes on chart
how are u planning to trade this. i mean im a little concerned about my stop. If I place it where I usally do with sharks, it would be right below the doubletop from early '14 which is kinda stupid imo. but placing it above it makes the stop kinda wide, especially when Id enter at the 88.6 like i usally do.
why would we even consider goin long, since this a bearish pattern? I was talking about shorting when or if it completes. Or are you talking about trading C-D move? If you do, then you are right, atm there is really no chance to go long. Thats just a highrisk play with earnings and due to the fact that we are still heavily bearish. I think if anything we could think about goin low after the marked broke the B point resistance.
Yes, I often play these patterns to the target and then get out of dodge. During a strong market price will often hit target and then proceed higher. I've seen it happen many, many times. It seems to me it's only on the most "challenged" stocks that price will actually reverse once tgt is met. And targets on reversals, upon hitting the PRZ, are difficult to ascertain, though I've heard there are people who play the reversal well, it's not something I do well. Either way, price is not even at resistance yet and completed what I believe to be a corrective double zig zap (I just posted another chart showing that). So short right here doesn't make sense. I'd wait for it to fail at resistance.