1) Initiate short at 51.25 with a stop at 52.20. If stop strikes wait for price settlement above 51 and go long into 57 if risk permits. This is not in the plan but an adjustment if stop hits.
2) If short is not executed at 51.25 wait for price to reach 46. xx to go long.
2) Initiate long (close short if any) at 46. xx targeting 57.
3) Close all long positions at 57.20. Go short at 57.20 with a stop at 62.50.
Multi-channel situation. We're approaching the bottom of the smaller channel.
Long at 46.70
Stop at 45.75
Trade closed: stop reached:
Closed position at 46.40 on the break of the trend line