Failure pattern CARA
Updated
CARA broke previous high on Thursday and closed below this high. This signals of a failure pattern, which has a good statistics and thus works very good. Usually it is recommended to find a good spot for short entry below fresh high with stop just above it. Lots of traders enters short here and it looks like on Friday CARA had a clear intention to shake lots of them out. It did not make a new high thou which confirms that the pattern is in force - we still have clear risks and last fresh high untouched. For targets I would use this trend line.
Note
not this time
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