HMC / Bearish Retest / Short-Strategy / Short-Term
This is a chart I made mapping out some Support/Resistance lines for HMC which is on a downward trend long-term. The Old Support / New Resistance candles, as well as Old Resistance / New Support candles, are all marked and match with a connection line displaying the correlation. There are 23"soon-to-be" bearish old support candles which I think will have bullish new resistance candles in the next 2-3 days.
Planning for a Bearish Retest Bounce (based on the 3 previous day black candles) so I can later short the stock. Thinking of entering STO at $27.80-ish area for the bounce and then exiting BTC at $27.50-ish, shorting the stock. I'm assuming this trade will take roughly 2-7 days based on previous data.
I'm extremely new to trading, just started learning June 25th, so please let me know what you think of the plan and if you have any ideas about what I could do differently or change. I am also open to ideas on PUT orders.
Planning for a Bearish Retest Bounce (based on the 3 previous day black candles) so I can later short the stock. Thinking of entering STO at $27.80-ish area for the bounce and then exiting BTC at $27.50-ish, shorting the stock. I'm assuming this trade will take roughly 2-7 days based on previous data.
I'm extremely new to trading, just started learning June 25th, so please let me know what you think of the plan and if you have any ideas about what I could do differently or change. I am also open to ideas on PUT orders.