Well, you know there's a significant trendline starting from 28th May ... I believe it should go down to low-30ish within 3 weeks (till mid Aug)
So my trading setup is as follows...
Assume the lower trendline breaks on Monday...(7/27)
Entry: 40.77 / Quantity : 2 contracts
S/L: 41.64
Target: (1) 40.02 / (2) 31.17
P/L ratio: 11
- Entry, S/L can vary depending on price action & price level vs. the lower trendline
- Once it reaches the target (1), take-profit half of the initial position, moving S/L to the entry level
- If price retested trendline, it would trigger the breakeven stop-loss. In that case will enter the same position again, possibly w/ better price.
Triggered by US IT stocks tumbling, there's possibility that near-term global rebalancing should occur..along w/ massive correction of all assets.
So my trading setup is as follows...
Assume the lower trendline breaks on Monday...(7/27)
Entry: 40.77 / Quantity : 2 contracts
S/L: 41.64
Target: (1) 40.02 / (2) 31.17
P/L ratio: 11
- Entry, S/L can vary depending on price action & price level vs. the lower trendline
- Once it reaches the target (1), take-profit half of the initial position, moving S/L to the entry level
- If price retested trendline, it would trigger the breakeven stop-loss. In that case will enter the same position again, possibly w/ better price.
Triggered by US IT stocks tumbling, there's possibility that near-term global rebalancing should occur..along w/ massive correction of all assets.
Note
Oh, did not upload the full chart. SorryAnyway, not entered position yet
Note
Enter short-position: 40.68Trade active
Enter short-position: 40.68S/L @ 41.75
Trade closed: stop reached
Hit 41.75 - lost 108 ticks or $1080
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.