Celgene corp looks good for short on Monday. I'm eager to short out of this range as it's been the range of price for a long time.
I've simulated trading scenarios, and you can easily bag 4/1 Risk reward ratio on this trade without even trying
1. We have a hanging man/evening star signal at the top of the range
2. We come into a correction phase, where we are given a bearish harami
3. Price stalled at the 50EMA showing 50EMa could be resistance
4. Price gapped down the day after the bearish harami showing eagerness to get out of weak longs OR eagerness to short
5. 50EMA and 20EMA crossed at the bearish signal, showing bearish conviction.
6. We are coming out of a rounding top range. And it will happen with force.
7. The price gapped down past the 8EMA, I don't expect to see price come past the 8EMA for the sake of the reliability of this trade.
Tom
I've simulated trading scenarios, and you can easily bag 4/1 Risk reward ratio on this trade without even trying
1. We have a hanging man/evening star signal at the top of the range
2. We come into a correction phase, where we are given a bearish harami
3. Price stalled at the 50EMA showing 50EMa could be resistance
4. Price gapped down the day after the bearish harami showing eagerness to get out of weak longs OR eagerness to short
5. 50EMA and 20EMA crossed at the bearish signal, showing bearish conviction.
6. We are coming out of a rounding top range. And it will happen with force.
7. The price gapped down past the 8EMA, I don't expect to see price come past the 8EMA for the sake of the reliability of this trade.
Tom