Been reading Technical Analysis and Stock Market Profits - Richard Schabacker
2nd Margin Trade while applying the concepts! (Tho bending some lol)
SHORTING because:
- Overall Downtrend
- RSI is about to meet resistance
- Forming a descending triangle (Book's strategy is to enter on breakout with significant volume. I'm jumping the gun with a stop loss at 7120. - Minimize draw down and get a better R/R since next supports are at 6200 and 5800)
---> Volume diminishing
---> Price in a decline
- Testing strong resistance at 7000. Strong rejection at 7200. Unable to form higher low after the breakout of a falling wedge at 15min (Sign of strong selling pressure)
SPECIFICS:
- Entry at 6950
- Stop loss at 7120
- Target 1 - 6200
- Target 2 - 5800