$F swing short on watch Ford had a nice gap up
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$F swing short on watch
Ford had a nice gap up today off of a move to the 50 DMA area. There are two possible absolutely beautiful high percentage short patterns developing on the daily chart.
1. Bearish Head and Shoulders - If you look at the sloping trendline I drew on the chart, which runs parallel with the 50 DMA uptrend, you will see a textbook neckline. On the left side you will see a shoulder, followed by a head with a high of 10.66, and a right shoulder. The downside target would be 9 bucks.
A. If price CLOSES below the blue sloping line running parallel to the 50 DMA, that is a short trigger entry. Your would short $F with a stop out on ANY daily close back above neckline.
B. If price closes above 10.66, the top of the head, then this pattern is also canceled. If this pattern is canceled, that leads me to the next short area.
2. 200 DMA short - You see the horizontal blue line on the chart that intersects with the 200 DMA? That is also the high pivot from May of this year. If price gets up there, that is a short entry trigger as well. the first target would be the 20 DMA.
[IMG]http://i.imgur.com/eBf3z.png[/IMG]
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