FB 5/21/2022FB bout to catch the whole set of books to the face.
Confirmation of FB’s Distribution Stage made it say goodbye to its Uptrend and said hi to the Downtrend.
After the 1st leg of the downtrend which saw price go from 308 to 193, price enter a consolidation period.
During this time, price consolidated in form of a descending triangle. We see the lower highs into resistance area of 185.
Price is respecting 50em.
This is a great example on how to trade a descending triangle.
Descending Triangle in existing downtrends = Short trade
Price is currently at area of value with it being at resistance area of triangle. This is my cue to enter trade short.
Entry: 193.47
Stoploss: 213.10
Target: 143.93, 10.15%, 2.52 RR ratio