ericsolan

TOWN short trade on trendline break

Short
NASDAQ:TOWN   TOWNEBANK(PORTSMOUTH VIRGINIA)
TOWN broke its recent upward trendline today, creating a short trade possibility with a small risk and high reward.

Factors leading to the decision:
  • Major trend is down
  • Minor trend was up, and today price broke and closed below it
  • 20-ma was recently lost, pulling moving average traders off the sidelines
  • The recent high fractal pattern is also at the 20-ma and offers a perfect technical spot for a tight stop

As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Trade closed: stop reached: This trade was stopped out for 1.3 points
Kill those losing trades fast... trail the winners

Comments

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