Am I seeing this right? I think I am. I have chosen to allocate 8.79% of my portfolio into this short trade. With a 6/1 R/R, the potential exists for up to 93%+ profit. Of course, I will be taking profits along the way if it works out. First take exists around 5 cents. Entry was .085 with a final target of .00588!
My spreadsheet has been updated with this most recent trade.
Best of luck traders, Stew
Comment
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Traders,
Because the Hash Ribbon indicator is now flashing a buy signal on many charts (I’ll go over this in a future video) and is almost never wrong, I have chosen to tighten my stop out on this trade to reduce loss if the trade goes sideways on me. The new stop out is .09237 and is reflected on my spreadsheet.
It is worth noting that I have also recently spotted a conflicting technical indicator, a bullish descending wedge, which has the potential of invalidating the earlier Head and Shoulders pattern I had noted in the chart (see below):
Take care all. I would not blame you if you wanted to exit this trade now because of the conflicting data.
Best, Stew
Trade closed: stop reached
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As stated, tightened my stops due to hash ribbon and descending wedge. Stopped out for a small loss.