The second part of the question is, how would I trade this chart. I took a little bit of a different course here and based my trade on a fbwt reversal and tightened up the entry a good bit. I'm allowing for a possible retest of the 20MA after the reversal candle and would sell on a limit after that with my stop across the 20MA. I'm counting on some overlap and could possibly get left in the dust however, but if I can manage it during the day I can adjust the entry. As it is I'm just below a signifcant line for the sell and with any luck it'll be a good hit'n run trade. The exit target may also be tightened a bit and still be quite profitable.
Note that this trade is counter to the Weekly and Monthly trend, which is a no-no, so I consider this to be a quick scalp.
Great trades to you!
Dave
