Looking at the 1 day chart shows a clear bear flag forming over the past months.
Criteria to enter trade:
Clear break of lower (red) long term support line.
This is an ideal situation to use a Sell Stop Order (where a short order is placed in book at a price below the current market price)
Targets:
Once support is broken looking for a $1.95 target.(green)
--------- In the case we see a bounce off the lower support line (red) I will be looking to enter a long position with a target at $4.00
Criteria to enter trade:
Clear break of lower (red) long term support line.
This is an ideal situation to use a Sell Stop Order (where a short order is placed in book at a price below the current market price)
Targets:
Once support is broken looking for a $1.95 target.(green)
--------- In the case we see a bounce off the lower support line (red) I will be looking to enter a long position with a target at $4.00
Trade active
Trade closed: target reached:
Trade reached - trade closed with 23% profit!!