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Shorting FB At Top Of Price Channel

FB (Facebook Inc) will be added as an Active Short Trade here at the top of this ascending price channel. My current plan is to target at least the mid-point of the channel which comes in around 85.50 (T1 buy-to-cover limit order to be set at 85.57) with a stop set over today's high. However, I may decide to trail down my stops, targeting the uptrend line & horizontal support level labeled as T2 on this 60-minute chart & quite possibly the bottom of the channel on the daily chart. Whether on not I decide to hold out for those additional targets will depend on how the broad market trades going forward.

Click here or on video below for the rational & strategy for this trade or swing trading within price channels as a strategy in general.

FB daily July 14th

FB daily July 14th

FB 60 minute July 14th

FB 60 minute July 14th

 

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Jul 14, 2015 3:44pm|Categories: Completed Trades - Short|Tags: |Comments Off on Shorting FB At Top Of Price Channel