Shorting Lukoil #2020/5

Surfing charts I stumbled upon a geometrically clean triangle. Will attempt shorting LKOH .

My rules cap exposure to one company at 5% of the portfolio. It limits the risk of this trade to just 0,17% of the total portfolio. Good, because shorting is not my strongest skill + the trade will involve some cost of short selling.

Pattern: triangle in something looking like a 4rth wave.
Exit strategy: 5th wave often equals to 1st wave and also to the widest part of a 4rth wave. Exit with fixed TP.
Horizon: 1 week

Trade chiuso manualmente:

I am closing the idea because of price action on 1H showing some bullish behaviour (breaking the resistance of the triangle and bouncing off MAs).

Seems like the count is wrong and we are in ABC correction. Will open a bullish trade.

Commento:

will be closed tomorrow. Now trading is closed already. Cleaner chart for reference.