I went short at BTU’s stock when trading the US last night. The stock is currently in a downtrend according to the daily bar graph. I waited for a good entry point, which was a retracement in the 30-min stock chart. The stock bounced off indicating a support level, that was previously a resistance level of an uptrend. There are also quite a few more signals that indicate the trend and I’m quite confident with this trade. I also moved my stop loss from 42,50 to 40,27 making it a risk free trade, since that was the price I initially sold the stock.
Regarding the take profit strategy, I will be looking for a bottom fail at the daily stock graph combined with the bottom line of the Bollinger Bands in the 30-min chart. It would be difficult to break below 35 dollars at once but if it does, I won’t complain.
