2 months ago, i posted this downtrend channel for Urban Outfitters. My put options triggered when price hit 40.39 but 41.79 was not triggered.
(Initial two possible targets if price continue southward marked by down arrow 1st: around 34.67 2nd: around 30.45 (if 1st fails to support) without factoring time factor.)
Because the downtrend channel is a function of price and time, i actually enjoyed selling my put options lower :-) All profits were taken at 29.06 when the big red marubozu hit the channel bottom.
Price hit another bottom after 5 weeks at 28, i turned bullish at 28.49
Note: It is advisable not to follow my aggressive 'jump-the-gun" approach as it WILL incur losses immediately before turning into profits later on, at time, substantial losses. Please do your own analysis to verify your trading decision.
Comments
jangseohee
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jangseohee
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so what do you suggest i do next? :-)
monitor daily bearish divergence and short!!
lets see