Some while back I publish a bearish chart of Facebook (see below) which only had a partial success. However, I see the completion of the cycle is now more mature and revisiting this again with lot more details for the possible short trade as follows:
Video Link: www.danv-charting.co...k6G5p0JRUVALziE.html
Short Trade - (40 PUT Jan 2017 @0.40 or better):
potential short trade, review of technical analysis for the trade with weakening background for overall market.
Technicals (2nd March 2016):
• Overall background of weakening broader market.
• Completed potential, rising wedge on Log scale OR at the upper range of the rising trend channel with weakening momentum (RSI).
• In the Relative Strength Vs NASDAQ 100 with top formed in Dec 2015 and price topped in Feb 2016 setting up divergence in price Vs the Market.,
Reaching target of 70 - 80 will result in this being a profitable . If gets to 60 area we could have potential in excess of 5 time the unit of risk taken. Selecting Jan 2017 series will give us enough time for the trade to develop.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade and manage the risk management. You should follow this on Paper Trading Account till you feel confident to apply the skill to live account.
DanV
danv-charting.com
Video Link: www.danv-charting.co...k6G5p0JRUVALziE.html
Short Trade - (40 PUT Jan 2017 @0.40 or better):
potential short trade, review of technical analysis for the trade with weakening background for overall market.
Technicals (2nd March 2016):
• Overall background of weakening broader market.
• Completed potential, rising wedge on Log scale OR at the upper range of the rising trend channel with weakening momentum (RSI).
• In the Relative Strength Vs NASDAQ 100 with top formed in Dec 2015 and price topped in Feb 2016 setting up divergence in price Vs the Market.,
Reaching target of 70 - 80 will result in this being a profitable . If gets to 60 area we could have potential in excess of 5 time the unit of risk taken. Selecting Jan 2017 series will give us enough time for the trade to develop.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade and manage the risk management. You should follow this on Paper Trading Account till you feel confident to apply the skill to live account.
DanV
danv-charting.com
