From June 2011 to April 2013, we note a major bearish topping pattern breaking out below 1,550 and price went for a deep dive to as low as 1,200. This clearly indicates that price is in a bearish environment.
Between June 2013 to Sep 2014, price has been consolidating sideways with lower highs and higher lows, forming a symmetrical triangle pattern. This is pattern will be confirmed when price breaks and stay below 12,40., continuing the over bearish trend.
This triangle continuation breakout has been confirmed and price is now projected to breakout towards even lower prices.
Take Profit Levels, based on Support Levels TP 1: 1,200 TP 2: 1,160 TP 3: 1,080
Risk There is a risk that this triangular breakout will evolve into a rectangular sideways consolidation with 1,200 as the lower boundary. This is might be a good idea to take partial profit around the first Take Profit level.
There is also a risk of a short term pullback to the breakout line at 1,240 before prices can trend even lower.
Hi all,
Just to highlight that the first Take Profit Level (1,200) has been breached.
Therefore, it might be a good time to take partial profit.
From personal experience, closing 50% position will help you manage the remaining position better.
The profit from closing 50% will provide reasonable profit to cushion any risk of losses resulting from pullbacks/ retracements.
A-shot
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Fully agree
BreakOutArtist
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Hi all, thanks for viewing and supporting this trade idea.
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Thank You very much~!
A-shot
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3rd level reached, price changed direction. Im amazed the way this idea has panned out
A-shot
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All goals reached, line 2 preserved. Does it feel to go up to it again?
BreakOutArtist
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Hi 2use,
Personal opinion is that the bearish move is likely to encounter support buying and retracement in the immediate term.
Reason being
a) this is pretty much a channel down move, which is close to the lower boundary
b) RSI support level indicates that the buying wave is over
c) the news cycle keep talking about the fall in gold prices therefore it is likely that most of the bearish move is already happened and the party is pretty much over.
Cheers~!
A-shot
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Have almost the same channel prognosed. thanx for the thoughts
A-shot
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Well, level 1 had a steady day today... stocks went low though
BreakOutArtist
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The recent pullbacks for the past few days is all within expectations.
Yesterday, prices above 1,230 were swiftly rejected by the market, indicating additional short positions were added around the price.
The trend is your friend, so long as you stick with the short side and don't oversize your position all should be fine~
BreakOutArtist
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Well looks like the breakout towards lower prices is happening right now~
Just to highlight that the first Take Profit Level (1,200) has been breached.
Therefore, it might be a good time to take partial profit.
From personal experience, closing 50% position will help you manage the remaining position better.
The profit from closing 50% will provide reasonable profit to cushion any risk of losses resulting from pullbacks/ retracements.