FCX Trade Setup + Aggressive Entry

FCX (Freeport-McMoran Inc) looks ripe to break down from a 60-minute bearish rising wedge pattern while at key resistance & overbought here on the daily time frame. As such, although certainly a counter-trend trade, the stock offers a very attractive R/R on a short entry here with a stop above 11.90 & the sole price target, T1, at 8.10 (see 60-minute chart).

The are two alternative entries for this trade, the more conventional/conservative method of waiting for a breakdown below the wedge, possibly confirming via a 60-minute close below, or the more aggressive entry of shorting FCX here while still within the wedge. My preference, as well as the official entry for this trade will be here inside the wedge (current price of 10.95). As such, this is both a Swing Trade Setup & Active Trade.

Props to @bluemagic in the trading room for pointing this one out!

Mar 22, 2016 11:04am|Categories: Completed Trades - Short|Tags: |Comments Off on FCX Trade Setup + Aggressive Entry