X
I decided, today, to submit a short trade in relation to X for the following reasons:
- The price action of United States Steel has experienced a strong pull-back after experiencing an extreme price decline in the last few weeks. However, in spite of the large retrace, the price action is still bearish overall.
- As can be seen above, the price action is underneath a bearish Kumo Cloud and the diagonal trendline on the 4 hour timeframe, and probabilities does not seem to favour the lagging span, first, approaching then breaking through the diagonal trendline before there is another major decline.
As a result, I have started to scale into the short position.
Let’s see how this plays out!
Next Action
- Continue to monitor the price action of X everyday.
- Continue to go through your trading watchlist to detect any possible trading opportunities.
- Continue to watch trading videos from experienced pro traders to further your learning and gain additional trading ideas.
