IBP is setting up for a lovely short on high time frames. After a prolonged topping, it lost critical support on the monthly, which would suggest a return to highs has a better than not chance of failure. A liquidity steal just above ATH would not surprise me, and I've place my biggest short orders there with a reasonable stop based on the r/r and my position size.
This is a trade setup I love to take. Most often it works out, but on a large time frame patience is key. It may take a couple months to play out one way or the other.
This is a trade setup I love to take. Most often it works out, but on a large time frame patience is key. It may take a couple months to play out one way or the other.
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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.