25th - Short C to D leg Setup.
Weekly level Break & fail with Price pushing back higher. Stoch Low (50%)
Daily Retraced to 50/61.8 level. Price showing Break of key Wk level with push higher level (touch 1).
Looking for Touch 2 & Trigger Short to 109 level first Target. 116 or 115 Puts
Stock up +100% since July 2016. Current base is wide and loose on the weekly. Daily RSI at 50, price trading at the mid-point of the linear regression channel and more importantly trading below support.
Charles Dow's theory states the market has three trends, Primary being the longest, Secondary moving along the Primary, and Minor (the shortest) moving along the Secondary. Consider which level of the trend you're chart pattern is forming on and it will help you determine which type of position you should focus on for your trade. In the example...
higher time frame is in defined uptrend with healthy pullback
mid time frame is showing a rising ma after minor accumulation and weakening downtrend breaking out of downtrend line with positive momentum and volume pressure
lower time frame is showing positive strength after price was overextended and pullback to intermediate moving average and working it way back...