Friends,
It's time for Chevron to go short. There are multiple trendline resistances that match up with the stocks current price, and the signals to go with it.
As usual- with any idea I put up I've made sure there's an impressive risk/reward ratio. My R/W is calculated using the basic assumption that if the stock moves above the bearish engulfing signal, AND the trendline resistance then it's fairly likely that the bears aren't in control of this stock anymore. My R/w ratio here is just over 10/1.
The stochastics are in an overbought condition, and the last 2 days we've had a bearish harami cross/doji signal, followed by a bearish engulfing signal, all this stock needs is to open lower today for the bears to be confirmed (and obviously to see selling within the first 15 minutes of the trading day before executing a trade)
One i'll be in if it opens lower and criteria is met.
Good luck to all.
Tom
It's time for Chevron to go short. There are multiple trendline resistances that match up with the stocks current price, and the signals to go with it.
As usual- with any idea I put up I've made sure there's an impressive risk/reward ratio. My R/W is calculated using the basic assumption that if the stock moves above the bearish engulfing signal, AND the trendline resistance then it's fairly likely that the bears aren't in control of this stock anymore. My R/w ratio here is just over 10/1.
The stochastics are in an overbought condition, and the last 2 days we've had a bearish harami cross/doji signal, followed by a bearish engulfing signal, all this stock needs is to open lower today for the bears to be confirmed (and obviously to see selling within the first 15 minutes of the trading day before executing a trade)
One i'll be in if it opens lower and criteria is met.
Good luck to all.
Tom