Short position opportunity for Nanosonic.
Trend changed to bearish after it failed to make a HL on the daily time frame. Bearish on the weekly with a big red candle at the top of the trend taking away all of the gains from the previous week, the week just gone showing another big red candle, suggesting the bears are completely in control. Also showing long wicks to the upside in the last three months of candles on the monthly, suggesting that the bulls are unable to hold this upward momentum that they've had since December 2018.
Also, this massive gap at $5.89 to $5.23 has been around since August, suggesting it may be time for it to be filled.
Short Price: $6.66
Stop Loss: $6.94 or 5.11%, pushing the risk limit I usually would want, although its a possible 21.62% gain down to the bottom of that gap, so it needs some room to let the trade play out.
Buy Price: $5.22 which pretty much sits at 78.60% fib level, which means it could take days to weeks.
Trend changed to bearish after it failed to make a HL on the daily time frame. Bearish on the weekly with a big red candle at the top of the trend taking away all of the gains from the previous week, the week just gone showing another big red candle, suggesting the bears are completely in control. Also showing long wicks to the upside in the last three months of candles on the monthly, suggesting that the bulls are unable to hold this upward momentum that they've had since December 2018.
Also, this massive gap at $5.89 to $5.23 has been around since August, suggesting it may be time for it to be filled.
Short Price: $6.66
Stop Loss: $6.94 or 5.11%, pushing the risk limit I usually would want, although its a possible 21.62% gain down to the bottom of that gap, so it needs some room to let the trade play out.
Buy Price: $5.22 which pretty much sits at 78.60% fib level, which means it could take days to weeks.
Trade closed manually:
Ended up taking profit at $6.41 as price started pulling back. Still a nice little profit.