Short after trendline resistance and nasty gravestone doji
JMIA more than doubled within 13 days. That lead to an overbought RSI so I took it on the watchlist.
Today it broke the downward trendline which is formed since the last runup in August to the upside.
But above it formed a double top @17.04 and I took a short position @16.95.
Due to the following drop which I did not expect in this extend I already have a positive SL just above the downward trendline. If history repeats itself the SP will move back towards it and gets rejected.
My TP are the Fibbonacci 0.5 & 0.618. Both price levels also have a history of support and resistance.
Entry: 16.95
TP1: 12.4
TP2: 11.21
SL: 16.5
What a nasty gravestone doji on the daily!
Today it broke the downward trendline which is formed since the last runup in August to the upside.
But above it formed a double top @17.04 and I took a short position @16.95.
Due to the following drop which I did not expect in this extend I already have a positive SL just above the downward trendline. If history repeats itself the SP will move back towards it and gets rejected.
My TP are the Fibbonacci 0.5 & 0.618. Both price levels also have a history of support and resistance.
Entry: 16.95
TP1: 12.4
TP2: 11.21
SL: 16.5
What a nasty gravestone doji on the daily!
Trade fermée: ordre d’arrêt atteint
BIG LEARNING: Do not get greedy when you are already up > 10%! Take profits in steps.Feels like a loose although closed green
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.