Failed Trade.
[Post production edit]: see below for further analysis. This trade failed largely due to my target being drawn from the wrong place, causing my t/p to be lower than it should have been. Charts have been posted below to illustrate.
[Original] The symmetrical triangle broke out to the down side with a completion that looks to be around $205. I've been expecting this level for a while and it also lands on top of a 2 week SCMR support zone; so we would expect a decent bullish retrace from that level. If the bearish volume dries up and we actually see a rally from $222 - $220 I'll be watching for the 'D' completion point on this bearish Gartley. My hopes aren't high for the Gartely, but best to keep all options on the table so we can have a plan in place.
If you're going to long off any rally, a Short position is advised to be opened at the 'D' completion point near $250.
If you're going to take the short trade now in play; T/P would be at or around $205 - $200, trailing stops or buy stops from there for the rebound. My position is short with a stop-loss at about $237.
[Original] The symmetrical triangle broke out to the down side with a completion that looks to be around $205. I've been expecting this level for a while and it also lands on top of a 2 week SCMR support zone; so we would expect a decent bullish retrace from that level. If the bearish volume dries up and we actually see a rally from $222 - $220 I'll be watching for the 'D' completion point on this bearish Gartley. My hopes aren't high for the Gartely, but best to keep all options on the table so we can have a plan in place.
If you're going to long off any rally, a Short position is advised to be opened at the 'D' completion point near $250.
If you're going to take the short trade now in play; T/P would be at or around $205 - $200, trailing stops or buy stops from there for the rebound. My position is short with a stop-loss at about $237.
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