SMG Short following break down from channel
SMG has recently broken down from monthly trendlines. We will wait for it to recover to volume node and then enter a short position, risking off the 78% fib retracement, which is unlikely to occur. Do not enter position until signs of weakness or target is reached.
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One thought is, it may be late for this trade as our opportunity to sell at volume profile node was on 4/23. Was not monitoring for this trade at that time sadly so good chance we will not get the opportunity.
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No entry yet, but still looking for price to come up to volume node for the opportunity.
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No entry yet
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Price is moving down but no entry taken yet. Some support here at 79.05 provided by 4/30 high volume red candle with long wick. We are now 1/2 way down that long wick and at 9/12 lows. There should be some buyers here but I have no recommendation for buying.
Considering closing this trade I think my original assessment that the opportunity already passed on 4/23 was the right one. The right short entry was when we touched the volume node on 4/23.
Considering closing this trade I think my original assessment that the opportunity already passed on 4/23 was the right one. The right short entry was when we touched the volume node on 4/23.
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*cancelling
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79.98 would be a good opportunity to close short early. Sadly I did not get my entry/saw the trade late.
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We hit price target today.