You can read about this particular trade setup in my new ebook: ‘Multi-TimeFrame Trading & Investing – A Comprehensive Trading Plan’
Available here: http://steadytrader.wpengine.com/trading-plan/
As this setup relates to Goldman Sachs (GS), the fact that GS failed at the 61.8% Fibonacci retracement and at the 50 day moving average (yellow line), then pierced through the 200 dma (red line), and all this in the context of a larger head and shoulders pattern…favors further weakness in GS stock.
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