CBA short
Updated
-Huge 9 year pattern
-Lower boundary tested many times with out of line moves
-Established medium term downtrend
-50SMA is firmly below 200 SMA weekly
-Daily retest of underside of horizontal boundary friday close
-Measured move down to 44.37
30 basis points of risk
Could prove quite difficult to trade such a large pattern. If I am stopped out, will wait for a continuation pattern to get short again
-Lower boundary tested many times with out of line moves
-Established medium term downtrend
-50SMA is firmly below 200 SMA weekly
-Daily retest of underside of horizontal boundary friday close
-Measured move down to 44.37
30 basis points of risk
Could prove quite difficult to trade such a large pattern. If I am stopped out, will wait for a continuation pattern to get short again
Note
Stop sell order @ 69.12SL @ 71.36
Will implement trend follow strategy
Trade active
Short 69.54 @ MarketSL 71.77
Trend follow model for trade management
We are a day away from the month close, If we are still below 70 by close tomorrow, cannot see price meandering at those levels
Note
Happy with that monthly closeNote
Stop @ 71.43Note
We had a strong monthly close below $70 but the price back above $70 and the bollinger bands squeezing is making me nervousNote
Stop moved to 71.02Note
Stop moved to 70.56Note
Stop @ 70.20Trade closed: stop reached
Out on the pop above 70
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