Macquarie Bank (MQG-ASX)- Daily. Bearish Reversal Update

Hi,

I posted details of a possible bearish reversal in One Steel earlier.

Here’s another example. The Maquarie Bank chart has made an M formation with the 2nd peak under the upper Bollinger Band and the first one above it.

The strategy involves waiting for a close below the low of the candle making the 2nd peak. Waiting for confirmation in the form of a weak close is designed to cut down the number of false starts

The initial stop can be placed above the most trend recent peak. One exit strategy is then just to trail your stop down behind any new corrective trend peaks

Cheers

Ric

About Ric Spooner

Over 30 years market experience - professional trader, broker, director
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