SDOW is shown here on a 30 minute chart current rising above a parallel descending channel
which is within a longer trend of a downward-facing megaphone pattern where it is currently
situated near the top of the megaphone. I have drawn the two trendlines onto the chart
and added an RSI indicator. My plan is to take a short trade on SDOW by looking for an entry
on the 5 minute time frame where the HA candles are red and the RSI has dropped below
50. I will set the stop loss above the resistance trendline while targeting the support
trendline at the low of the pattern.
which is within a longer trend of a downward-facing megaphone pattern where it is currently
situated near the top of the megaphone. I have drawn the two trendlines onto the chart
and added an RSI indicator. My plan is to take a short trade on SDOW by looking for an entry
on the 5 minute time frame where the HA candles are red and the RSI has dropped below
50. I will set the stop loss above the resistance trendline while targeting the support
trendline at the low of the pattern.
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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.
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.