Surfing charts I stumbled upon a geometrically clean triangle. Will attempt shorting 
LKOH.
My rules cap exposure to one company at 5% of the portfolio. It limits the risk of this trade to just 0,17% of the total portfolio. Good, because shorting is not my strongest skill + the trade will involve some cost of short selling.
Pattern: triangle in something looking like a 4rth wave.
Exit strategy: 5th wave often equals to 1st wave and also to the widest part of a 4rth wave. Exit with fixed TP.
Horizon: 1 week
LKOH. My rules cap exposure to one company at 5% of the portfolio. It limits the risk of this trade to just 0,17% of the total portfolio. Good, because shorting is not my strongest skill + the trade will involve some cost of short selling.
Pattern: triangle in something looking like a 4rth wave.
Exit strategy: 5th wave often equals to 1st wave and also to the widest part of a 4rth wave. Exit with fixed TP.
Horizon: 1 week
Trade closed manually
I am closing the idea because of price action on 1H showing some bullish behaviour (breaking the resistance of the triangle and bouncing off MAs). Seems like the count is wrong and we are in ABC correction. Will open a bullish trade.
Note
will be closed tomorrow. Now trading is closed already. Cleaner chart for reference. 
➡️t.me/charta_energeia — Telegram channel for regular Elliott Wave, level, and trend analysis on Oil, Gas, and Crypto.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
➡️t.me/charta_energeia — Telegram channel for regular Elliott Wave, level, and trend analysis on Oil, Gas, and Crypto.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.