WBA - Downtrend + Bearish Engulfing at 50MA Area
I. Analysis
1. Stock in a healthy downtrend since beg Jan - we have a short bias
2. 50MA are has been tested twice as resistance area and held - we have a value zone
3. Bearish engulfing at 50MA area - we have an entry trigger
Simple trade, we have identified a downtrend leading to start looking for short opporutnities. We have identified a value zone, the 50MA. We have an entry trigger at this area.
II. Trade
1. Go short next candle
2. SL 1 ATR abive 50 MA - use a trailing SL for trend following
3. TP at next buying pressure signs for swing trading or when price crosses and holds above 50MA for trend following
Plsd to hear yr comments.
Cheers
Ruben
1. Stock in a healthy downtrend since beg Jan - we have a short bias
2. 50MA are has been tested twice as resistance area and held - we have a value zone
3. Bearish engulfing at 50MA area - we have an entry trigger
Simple trade, we have identified a downtrend leading to start looking for short opporutnities. We have identified a value zone, the 50MA. We have an entry trigger at this area.
II. Trade
1. Go short next candle
2. SL 1 ATR abive 50 MA - use a trailing SL for trend following
3. TP at next buying pressure signs for swing trading or when price crosses and holds above 50MA for trend following
Plsd to hear yr comments.
Cheers
Ruben