the FL active short trade is once again offering an objective entry or add-on to the position as it back-tested the recently broken rising wedge pattern from beneath today. also note that i have added a support level (S1) which could also act as an early target for active traders preferring to book quick profits. in fact, that level would be about a 7 1/2% gain from where FL back-tested the wedge earlier this morning. my preferred target on this trade is T2, which would provide a gain of just over 25% from current levels, if hit. as always, set your stops commensurate with the target(s) that you are shooting for as well as your own personal trading style and risk tolerance. from a technical perspective, a stop slightly above the 36.50 level looks ideal.
