tristan.rhodes
Short

Breaking down from Bearish pennant?

AMEX:SPY   SPDR S&P 500
38 2 1
This is my first attempt at a 1-minute idea.

Step 1: Publish the chart to record current condition.
Step 2: Enter text within the 15 minute editing time-frame!

The market has coiled up nicely, consolidating from the big drop. It appears to be a breaking down, but keep a stop above yesterdays highs (196.07).

Good luck!
In review, this was a great entry call! However, it never reached target price. When price reversed this trade was stopped out.

Next time I would keep the same target, but move the stop-loss down along the green resistance line. When that line broke, it was the best exit strategy.
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That resistance line has been tested many times, and it is still valid. It can't hold forever, but I will stay bearish until it is broken.
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