XHB has been listed as a short setup since Dec 6th as we were waiting for prices to break below this large rising wedge pattern, which has finally happened. Therefore, XHB is now an active short trade and although the target support levels (horizontal lines) remain the same, the target price levels have been slightly modified to better reflect the optimal closing order level to help assure a fill should prices reverse just shy of support. I have also added an additional minor support level to this updated chart at which prices bounced from today. For those who did not catch the wedge breakdown, probably best to wait for XHB to either break below that level (S1) or a short position could also be established if prices were to make a backtest of the uptrend line from below.
In order to most effectively take advantage of the trade ideas on Right Side of the Chart, make sure to replicate the trendlines and patterns of any trade ideas on your own charts. Most charting programs will allow for alerts to be set for trendline breaks, moving average crossovers, prices moving below specific levels, etc… Many offer various notification options such as email alerts, text message alerts, pop-ups and alarms on your PC (if the charting program is running), etc.. I do my best to send out notifications on breakouts of the trade setups on this site but I’m not always in front of the computer to do so and even then, it can take upwards of 10 minutes to annotate a chart, type out the post and have it send via the email notification system. In a fast moving market, a 10+ minute order entry delay following a breakdown could result in missed profits of 5% or more.