Possible stop under the apex of the triangle.
Triangles can break up or down. Price is squeezed in to the apex of the triangle and breaks up or down eventually.
It is not unusual for volume to taper off while price is in the triangle. You do want to see increased volume on the break.
No recommendation
This is a technical short only and is not based on fundamentals. I will plan on longing ROCK if the opportunity arises , nice margins and growth to consider for a future long but for now I will short it hopeful on a reversal .
Profit target at fib level 0.618 or 0.5 look good , I will personally go with 0.618 .
Good luck ~
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ROCK looks very good fallen angel formation from moneyflow standpoint. However we would like it to pullback for ideal entry.
It could continue much higher, as a bump & run formation.
* Trade Criteria *
Date First Found- June 8, 2017
Pattern/Why- Fallen angel pattern
Entry Target Criteria- Pull back to $33.13
Exit Target Criteria- $37.23
Stop Loss...
I should have followed up on this pair trade but felt it might be too risky due to the election results.
Having been out of the trade since my last post, I decided to reenter on the 11th of nov. at the closed based on the break of the 1.75 level as seen on the renko chart. I shorted 100 shares of ROCK and purchased 167 shares of X. On the 6th of Dec. at the...
