Las Vegas Sands LVS rallying back to resistance is setting up...

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Las Vegas Sands             LVS             Daily rally back to resistance is setting up a nice short sale zone marked by the red box.

I'll target the bottom end of the range of 70 initially and use a 3 ATR (11-day ATR) stop loss.

I'll reference the last chart so you can see this chart is untouched from the last one published.

The red box is the zone that leads up to the apex of the 3-day earnings triangle and a decent resistance zone .

76.77-77.89 as it is drawn, roughly.

Tim 5/12/2014 10:14AM EST

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this is week 13 from the high, it very well could break sometime this week(fibonacci week)
Not hte easiest trade as markets remain strong breaking to new highs. We can trade short vs $80 resistance and need it to breakdown support at $74 to get some momentum
+2 Reply
timwest andrew.berg
At $80 I have to leave it alone because it will be above key resistance @ 78 from the green triangles I have listed. These are key levels and I want to fade the action around those green triangles. Plus, this is a short-covering rally so it looks great. Time will tell but you need to sell strength in bear trends. We shall see. I'm just following my methodology. I appreciate your comments Andrew.
+1 Reply
It also looks like a Head and shoulders pattern and we are in right shoulder developping now, so it confirms your short idea
+2 Reply
lingcod76 andrew.berg
That's a huge H&S, reward would be very high if resistance held, but tough to short in a rallying environment nevertheless. No guts, no glories. Heheh.
+3 Reply
timwest lingcod76
It's working like a champ here. It hit the red box twice and now it is very nicely profitable. This is one of the better ideas in awhile.
+1 Reply
working nice! Markets failed to hold new highs and LVS is good candidate to go lower after it broke some levels of support
broke down 200 MA. now needs to hold below to accept new prices/sentiment
GMOTruths timwest
Where's LVS now?

I see many recommendations by you, telling people to buy. And now, as of January 2015, you're predicting a major crash?
timwest GMOTruths
? Can you review again and ask me again? I think you are looking at charts wrong.
+1 Reply
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