I only take positions on the daily/weekly chart when trading equity as they are not open 24/7 and I find my win rate is higher historically. I have taken this setup.
A simple setup
Reasons to go short
- Rejection candle on the 50MA
- support at 889 level
- descending trendline
- candle on the 06th Jan 2017 broke through previous days candle
Back to value
Momentum to the downside seem to have slowed with the RSI making a higher low and the price making short term lower lows. Price currently away from the volume peak price of 333.00 and could return to test close to that level. The 316.01 level could also be a slight sticking point but we must be aware that the company are reporting FY earnings on...