NKE
Tighten up those laces. NKE making a run downhill
1) NKE’s uptrend came to a holt when it approached high of 175. Price attempted to make a second run at 175 failed. Price has now created a Double top pattern and resistance at 175 area.
2) Price has fallen to support area at 139. It attempts to bounce but can only move-up to 147. Price has started to build-up between 139-147 with a possible Double Top pattern above. There is also a Death Cross between the 50 & 200 ema signaling the bearish conditions. This was the initial entry to short trade.
3) Price breaks down from build-up at support. Both Double Top pattern and Distribution stage are confirmed.
4) After breakdown, price pulled back to previous Support looking to turn it into Resistance. This was opportunity to enter trade short if you missed entry at build-up. See #2
5) Price successfully turns previous Support area into Resistance by bouncing off and making a lower low. This move also confirmed NKE entering Downtrend.
6) After making lower low and falling to 103, price pulls back to previous low of 120 with the 50ema also acting as Dynamic Resistance. Currently, we also have an Overbought stochastic signal. With a Downtrend confirmation, a pullback to resistance, and an Overbought Stochastic, this is my cue to enter trade short.
Will be entering trade short.
Entry: 120.95
Stoploss: 130.38
Target: 91.00, +24.65%, 3.1 RR ratio
Tighten up those laces. NKE making a run downhill
1) NKE’s uptrend came to a holt when it approached high of 175. Price attempted to make a second run at 175 failed. Price has now created a Double top pattern and resistance at 175 area.
2) Price has fallen to support area at 139. It attempts to bounce but can only move-up to 147. Price has started to build-up between 139-147 with a possible Double Top pattern above. There is also a Death Cross between the 50 & 200 ema signaling the bearish conditions. This was the initial entry to short trade.
3) Price breaks down from build-up at support. Both Double Top pattern and Distribution stage are confirmed.
4) After breakdown, price pulled back to previous Support looking to turn it into Resistance. This was opportunity to enter trade short if you missed entry at build-up. See #2
5) Price successfully turns previous Support area into Resistance by bouncing off and making a lower low. This move also confirmed NKE entering Downtrend.
6) After making lower low and falling to 103, price pulls back to previous low of 120 with the 50ema also acting as Dynamic Resistance. Currently, we also have an Overbought stochastic signal. With a Downtrend confirmation, a pullback to resistance, and an Overbought Stochastic, this is my cue to enter trade short.
Will be entering trade short.
Entry: 120.95
Stoploss: 130.38
Target: 91.00, +24.65%, 3.1 RR ratio
Trade closed: target reached:
Target: 91.00, +24.65%, 3.1 RR ratio
All glory to the savior Jesus Christ
All glory to the savior Jesus Christ