Now, let's take note of Las Vegas Sands Corp . (NYSE:LVS), on a daily time frame chart. This has formed a pattern, take note of the chart below. Now, what we as traders need to watch is the "neckline." When that neckline is broken to the downside and the price of LVS confirms below it (learn what it means to "confirm" and more powerful trading techniques), that is the time to short the stock and look for a larger move lower. If LVS should break the neckline, the profit target to look for would be right around the $60 mark.
When trading, eliminating the noise is most important. Learn to read the charts properly as the pros do and you will position yourself to trade more consistently, with no guessing involved. Keep a close eye on LVS , we will be trading it!
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Kristof De Block
Elite Round Table, Pro Trader