if the markets tanks from here, FMCN could turn into a short term double top. Based on today's action I FMCN needs a few more days to set up more properly. maybe one pullback within the pattern and i think in due time FMCN see new highs. a short term stop would be about 17 or a little lower. if you are playing the longer term pattern than a looser stop at around 15 makes sense. Overall, i will say, that now give this pattern a few more days to set up better. overall i will exercise more caution as the market seems a little hesitant here and could see a nice healthy pullback.
Looks ready to breakout of this pattern soon.
Hi,
ReplyDeleteSaw your post on XTRENDS. Where would you place a stop for this?
Couldn't this turn into a double top?
HI moogle,
ReplyDeleteif the markets tanks from here, FMCN could turn into a short term double top. Based on today's action I FMCN needs a few more days to set up more properly. maybe one pullback within the pattern and i think in due time FMCN see new highs. a short term stop would be about 17 or a little lower. if you are playing the longer term pattern than a looser stop at around 15 makes sense. Overall, i will say, that now give this pattern a few more days to set up better. overall i will exercise more caution as the market seems a little hesitant here and could see a nice healthy pullback.