Anatomy of a pullback. Bearish scenario.
If you look at the weekly chart (right) you can spot a major support.
Finding a good spot to short under a support can be risky because you are sometimes exposed to a fake breakout, then the market can revert drastically against you.
In that case we waited for
1) the breakout
2) did not panic by excepting a pullback (which it did). You should keep that sentence in mind "there is always a second chance on the market". You will see it's almost always true.
3) set some limit orders at strategic prices. In that case I chose 17.9 just under the channel + 18.16 under major support. With SL: 18.47.
4) go away on a sunny day and come back to see the magic happens
Targets are quite interesting: 15.7 and 12.6 on a long term swing.
Position will increase during the bearish ride.
Finding a good spot to short under a support can be risky because you are sometimes exposed to a fake breakout, then the market can revert drastically against you.
In that case we waited for
1) the breakout
2) did not panic by excepting a pullback (which it did). You should keep that sentence in mind "there is always a second chance on the market". You will see it's almost always true.
3) set some limit orders at strategic prices. In that case I chose 17.9 just under the channel + 18.16 under major support. With SL: 18.47.
4) go away on a sunny day and come back to see the magic happens
Targets are quite interesting: 15.7 and 12.6 on a long term swing.
Position will increase during the bearish ride.
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