AML - Shorting area

Hey Clarky, you say that you shorted Dom 'for the same reason', to be honest, I wasn't clear what your reasons for the AML short were? Am in 2 minds on Dom (was short in small way and got stopped at 20point loss), but still think it might be a short, just haven't convinced myself of that so I'm on the sidelines.

Hi Shotry.

I shorted AML at the time due to the weekly resistance point and the bearish divergence on the RSI. I trusted my view on that, but I did listen to the views of others before making a decision.

I decided at the time I would trade it short term due to it being a first touch basis.

The opportunity has arisen now, imo, for a longer term short - not a long term, but certainly longer than a scalp so to speak.

If you have access to charts - pull up the AML and the DOM group 4H charts and see if you can see a similar pattern.

Thanks Clarky, still can't convince myself or the moment. I see the resistance and on DOM at least I can see the RSI bearish Div. I see a couple of RSI bearish div on AML, but they look as they might have played out. Still think Dom looks like a short, but can't quite pull the trigger. AML dropping nicely so looks like you've got it right.

Still has to break the range to confirm the lower targets, as its just testing the lower region of the range at the moment.

I was trading the range initially, but I just have the gut feeling it is going to break the range to the downside soon, following the divergence and the fact that I believe the overall price action is at an intermediate peak.

I think the 2 charts on the 4H chart especially are showing similar signs and price action.

Certainly not here to convince you to do either though, of course, was just replying in answer to your reply if you get me.

Cheers.

Of course Clarky, was interested primarily as I'm watching Dom still and wondering what it's going to do. Appreciate your reply.

Think you were right to sit and watch DOM Shotry - sensible decision, well done.
I don't like the strength of the latest rise after the break of weekly resistance.

Stop in place above intermediate resistance - but I believe that will probably be taken out today by the looks of it today.

Couple that with the fact I think the FTSE will make a short term rise before a downswing - so the timing of the short on DOM my end was poor.