We have here 3-candles to examine first, Sept 8th price gaped up with a solid volume
closed at the HOD. On Sept 9th
price opened below previous close but tried to move higher and indeed printed 9 cents above previous close but closed below previous close which is something we need to take a note. We consider both days white candles. Here is the third candle-today. Many of you have heard or seen Bearish
Descending Hawk pattern which needs two white candles followed by black candle as confirmation. If this was in your watch-list, and price opens below second day's close price and stays below it, it confirms the bearish pattern
, an you would have profited depending on which type of trader you are! Now, how you can trade after today's price decline of 2.7%? First, what fueled Sept 8th's gap up is high short interest and usually it takes a few sessions to cover whatever the news maybe be. Now, this bearish
descending hawk being confirmed which also has higher reliability...how u can take advantage next few sessions. We have given on the chart every area of interest and some of them are very powerful and can give you opportunity to trade with. If you like it follow us and if you need real time alerts try us http://www.2waytrading.com
Be aware that the stock price is above 50/20/200 SMA
.. can u bet against them?