Imperial Tobacco

A sign of a good trend line . If you look at the chart from earlier you can see that this share has bounced of 3 times now from the trend line since it formed.So currently 5 points of touch.
If this trend line breaks then lower prices should follow pretty fast. So now if it goes towards that trend line today dont re-enter as its been weakened for today.
Thats why the first touch rule of mine is pretty good on important levels.

close up view

Closed long, (break-even) gone short, after penetrated uptrendline.

This trading lark!!

Redchilly

Remo said, could be a big drop. 5 Touches and now through.

It has to finish the day below the trend line.Its still fighting it
Theres a big head and shoulder forming on this as well. The neck line is at 2255 so one to watch.
Theres a smaller head and shoulders as well which is the trend line were talking about which is still fighting this.

im short on this as well now and have used the profits from the long entry to fund this
stops are 40 points away
The only part i dont like about this is the fact that its already moved 130 points today.

Remo - wouldnt the half way mark or the maruzubo line be a good place to short this? So i mean, allow this to move up another 50 points or so before getting your bazooka out and short it?
Just a thought since today we have a long red candle and it has the tendency to go up and retest..at 2370 or so?

Imperial Tobacco, Long or Short?

There was only one way to find out…. FIGHT!

Seems Long / uptrend won!

This trading lark!