ACC | Shorting A Rally - Trend Following.
Equity Earningz
Trading Philosophy - Trend Following.
Trading Strategy - Shorting a Rally in The Downtrend.
Trading Set-up - Retracement, Resistance, Chart Pattern.
Entry - Short at 1210
Stop-loss 1257
Target 974
Risk/Reward 1:5
Why short?
Price retraced to 1237 (0.50%) of its previous swing. (1579.60 to 895.15)
Price is trading in Resistance Zone
Anticipating that price is making a Double Top Chart Pattern
How I Set Stop-loss -
Price broke the previous swing high, and trading below that level. Today's high is 1257, set as a stop-loss.
How I Set Target -
Expecting to price to resume the primary trend and may take a deep retracement at 0.78% of this counter-rally which is at 974.
50% Retracement & Anticipating Double Top Chart Pattern
Support Becomes Resistance or Supply Zones
