Speculating on a break lower

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Well this is a pretty straight forward trade as all, what I'm looking is to short down to the 13.00 area of support. Reason is the lack of bullish momentum during the consolidation period that the stock found itself in the past couple of weeks. Looks more as shorts taking their profits. And this previous week's candle shows that bears are potentially gearing up to take the stock lower to the support area .

  • Slightly above last week's high

The Trade:
  • Will be monitoring Level II's at the open on Monday to see whether bear's are in fact ready to take it lower. If not then trade is canceled.
  • Stop's will be moved to break even if price goes down to the 13.50-14.00 area.

Cheers, happy trading folks! =)

Note: I will not be able to update whether I enter the trade or not due to not being able to log into T.V. at work. So if your looking for a signal on whether to enter short or not this is the wrong post to do so from.
Excellent, that's exactly how I would trade this, except that I'd try to catch a 50% retrace of the last weekly bar.
+1 Reply
Daniel.B IvanLabrie
Nice man, yea it would be much better to catch a retrace of the previous weekly bar! =)
+1 Reply
Sometimes it just falls vertically, so I usually just market sell at the open and also aim for the retrace.
Daniel.B IvanLabrie
Yea I do that also sometimes hehe =)
+1 Reply
Hey Daniel, good to have you back. Great outlook mate. Looking forward toward your ideas. Good luck :)
+1 Reply
Daniel.B moneymaking
Hey how's it going bro, yea I've been trading still just haven't found the time to post during the week. Lol. Best of luck to you also! =)
+1 Reply
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