TOWN broke its recent upward trendline today, creating a short trade possibility with a small risk and high reward.
Factors leading to the decision:
As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Factors leading to the decision:
- Major trend is down
- Minor trend was up, and today price broke and closed below it
- 20-ma was recently lost, pulling moving average traders off the sidelines
- The recent high fractal pattern is also at the 20-ma and offers a perfect technical spot for a tight stop
As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Trade closed: stop reached
This trade was stopped out for 1.3 points
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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.