Facebook (FB) in the morning went through previous high at $59.56 but than reversed and gave us tactical entry with Short option. That was point where you make adjustments and should react quickly as market stays in range-bound mode.
After it came from $20s to $70s and then was sold off to mid $50s it enetered into wedge/range and recent action became very tight. I expect that it will resolv soon and will take breakout trades both sides.
Today, my plan is to trade with Short below previous low of the day at $58.18 and I expect to see some downside continuation. I have slight bias to downside as most of my moving averages curling down but it still stays above 200 MA ($54).
You should count overall market conditions. If it will confirm our selling idea then I am going to execute this trade.
After it came from $20s to $70s and then was sold off to mid $50s it enetered into wedge/range and recent action became very tight. I expect that it will resolv soon and will take breakout trades both sides.
Today, my plan is to trade with Short below previous low of the day at $58.18 and I expect to see some downside continuation. I have slight bias to downside as most of my moving averages curling down but it still stays above 200 MA ($54).
You should count overall market conditions. If it will confirm our selling idea then I am going to execute this trade.