SOGO shooting star short set up
Updated
Here we have a short set up for SOGO,which has gone up a whomping 75% in the last 2 months on speculation.
Yesterday we had a high volume shooting star, a common reversal pattern, and arguably a 'blow off top'. Today we retraced along the wick of that shooting star, creating a short opportunity for brave traders. I believe win probability is below 50%, but a tight stop can make up for that. Target is 13.01, or as low as volume node at 9.45.
Cheatsheet on shooting stars: i.imgur.com/r5j0zgM.png
Yesterday we had a high volume shooting star, a common reversal pattern, and arguably a 'blow off top'. Today we retraced along the wick of that shooting star, creating a short opportunity for brave traders. I believe win probability is below 50%, but a tight stop can make up for that. Target is 13.01, or as low as volume node at 9.45.
Cheatsheet on shooting stars: i.imgur.com/r5j0zgM.png
Trade closed: target reached
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