CHMA short entry on break of upward wedge

18 janv. 2020

As CHMA breaks its upward wedge pattern, a short position is entered with a tight stop.

Factors leading to the decision:

• Huge rejection at the ATH, creating a new major down-trend
  
• Lower trendline of an upward wedge has been broken
  
• Heavier bearish volume showed up at prior dip, getting the attention of short sellers
  
• Price came back up and re-tested the trendline and was rejected. This creates a lower-high which is an ideal place to put a tight stop for the trade
  

As always, use a tight-stop and if it rips down, let it run and trail stops behind

17 mars 2020

Note

Still hangin onto this trade... moved stop to 4.57

25 mars 2020

Note

Target moved to 2.50