17Nov2:25 pmEST

Going Short Facebook; More Chess Moves

chess I placed 4% of my trading portfolio capital in a short Facebook ($FB) position here, at $74.09, with a protective cover-stop above $77. I posted a chart earlier today on Stocktwits, discussing the idea that the more well-defined support is probed by price basing or "leaning" down against it, the more likely it is to eventually give way as the support loses its luster--What you prefer to see is a strong bounce up and off of it. As you can see on the daily chart, below, FB is leaning down against both the 100-day simple moving average as well as a well-defined support trendline. I will only consider adding to this trade if I am proven correct and it breaches both reference points. Simply put, I am trading what I see. __________________________________________ FB  

Chess Moves Now We Circle Around

 
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