AZN

This has been posted in chart school by remo but just adding the RSI divergence at support

screencast.com/t/WzL7kjcce

RMc

I've entered this trade. Thanks RMc/Remo

Just a word of caution mate

Look at the monthly chart (you can see the same on weekly chart as well)
oi50.tinypic.com/2ugh3tf.jpg

theres a horizantal resistance and a oblique line of resistance
it has made a convincing close above the oblique line of resitance and also its making HH and HLs
Your trade is against the TREND

Do you have a trading plan for this trade?
Whats your R/R ratio?
Whats your target to exit?

GL with your trade

screencast.com/t/ayT1HvXHV

Hey RC, thankyou for the reply. Not often someone tries to prevent you losing money in this game and I appreciate it.

I've annotated the chart with my plan. It may not be a good one and perhaps I've not give enough weight to the break. Can't stress enough how keen I am to discuss this type of thing as I'm not doing this for the thrill of the ride, I'd like to make money.

The plan was
Shooting star suggesting a turn on the daily
Bearish divergence on MACD histo, RSI and Stochs.
Stop a little more than halfway up the shooting star and target in the region of 2900-2940 (My limit is currently set at the top end of that range).
Would also be very happy to discuss trades offline if you're interested.

Hi Shotry, I will try and keep my narration as coherent as I can mate, bear with me.

Firstly, I can see where and why you identified the short based on a zoomed out daily (these are end of day charts so end of day Friday):




Not sure where you have went short from, or where your stops are currently - but IF I were to go short here, I would make sure my stops were above 3111.5 - so I would maybe go 3120 on this particular share.

My first note is, I am not sure your target of 3900-3940 is valid in this set up - certainly not in the short-medium term. (I assumed this is a short-medium termed short and not a long term play)

I have charted a potential channel - and also noted some fib ext targets etc in the following charts.
These charts are annotated rather than typing it out here







From the above charts and analysis, if your short is still in play, I would reconsider your targets. Personally, I would have a look at the 50% fib @ C.3000 as it coincides (approx.) with a round number, a previous S&R level and also the oblique channel support. I would perhaps take a weight off beforehand aswell.

This is not intraday and doesn't take into consideration todays movements (which I don't know at the moment as I am only taking a look to respond to yourself )

Shotry,

Look at the daily chart below
oi45.tinypic.com/25jk2m0.jpg

you can see AZN has had an upside breakout recently
after the breakout it retraced bang on to 61.8% fib and then carried on upwards

Heres what I would do if I was you but dyor and its all IMHO....

1. My stop would be above the shooting star
2. If I am going against the trend my stop would be tight, I will be prepared for a quick exit and I will move the stop above breakeven as soon as the trade goes in my favour
3. 2900 seems to be too unrealistic target as it would mean more than 100% retracement from the previous move. My exit plan would be somewhere around 50% fib (around 3000) or 61.8%fib (around 2970). Price would also meet the trendline around the 61.8% fib( i.e if it gets there )
4. I would also bank some profits at 38.2% fib if it goes in my favour and leave the rest to run till it gets to 50% or 61.8% fib that way you are making sure that you are paying yourself for your hardwork. I would also look at the hourly chart for a Bullish RSI/Stoch divergence for exit