Facebook - Scaled in Short ... Nearing Potential Resistance

11 dic 2016

I'm starting to look at stocks and ETFs more, and I figured I would start with something popular like FB. This is a scaled in short on the hourly. There is a wide swinging convergent pennant forming, and the bulls are nearing the resistance slope. It's likely there will be profit takers and bears waiting to sell near that area. Since this entry is early, it is not guaranteed that there are bears waiting to sell near this channel line, but it's worth scaling in and keeping an eye on it. If the context is a range, the protocol is always "Buy Low, Sell High, Take Profit".