ADP - 4.64% Profit Potential - Bearish PennantThis trade will serve me as a hedge against the other long positions that I'm planning to open today. This week we need to play conservative and take home whatever we can. Targets are moderate and realistic, and I aim to close positions fast, often before the end of the day.
Allocate less than usual capital if you would like an extra layer of safety. The market is uncertain and we want to keep our risk to the minimum.
Bearish Pennant broken out to the downside after a 6-month attempt to run. Medium level of confirmation of the new resistance on the 5-min chart.
- 3-month Downtrend
- RSI + Stoch below 50
- MACD below Signal
Target Entry $137.25
Target Stop Loss $138.99
Target Exit $130.54
About me
- August P/L: +203.83% | Wins 85.19% | No Trades without Analysis
- Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
