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TOPIC: IMI - good shorting set up!?!

IMI - good shorting set up!?! 17 Jan 2013 09:12 #1

  • remo
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ive joined you on the short.
my stop is above the peak of today.
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remo
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IMI - good shorting set up!?! 17 Jan 2013 08:34 #2

  • gclark25
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I would trigger the sell here @ 1144 (ask price) with a 15 pip stop.
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IMI - good shorting set up!?! 16 Jan 2013 23:49 #3

  • gclark25
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Overview first of all. Note the volume annotated at the bottom of the chart. Nice decline of volume on the rise. Key resistance as we speak. Chart should speak for itself hopefully.

Ill split it into 3 different charts to keep it as clean as I can.


IMI_-_weekly_-_16-1-13.png


A view on the daily now with a look at the longer term Fib from the lows in July.
Now, I am not positive that this fib is actually the best fit to the S&R's on this chart - but still worth noting nevertheless. I would say the most relevant fib ext. on this chart is the 23.6%


IMI_-_daily_fib_-_16-1-13.png


Another view is to char thte fibbo from the lows in mid Nov (the last time it touched the channel support currently in play. The reason why I feel this could be valid is the 50% fib lines up with both the channel support, but also a former resistance that could be in play as support.


IMI_-_daily_targets_-_16-1-13.png



Overall I would say there are multiple potential targets.

Personally I would maybe take a weight off around the longer term 23.6% fib (which is also close to the 38.2% shorter termed fibbo - so between 1055 and 1062

My main target though would be around the area previously mentioned above, where the shorter termed 50% fib meets the channel and former resistance.

However, if the price touches the channel support before any of thise targets, I would take 2/3rds of my trade off, move stop to break even and allow a greedy trade to run.

The greedy trade would be left to run on and hit the longer term trendline - which I believe could run to about 900
Last Edit: 17 Jan 2013 00:10 by gclark25.
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