BEAV Trade Idea Follow Up (short)

On 12/12 I first mentioned BEAV as a short trade idea, I followed up on 12/13 with this post and then again on 12/14 (Friday) with this post...

While I'd prefer the market and specific trade idea where better aligned in the short term, I have to say that everything we were looking for to occur in BEAV has thus far occurred. One of the ways i thought would be effective in entering a BEAV short was to phase in to the trade, that would be a bit more challenging due to the fast moving gap that was quickly faded, but still possible and even with the initial position, as of now BEAV would still be in the green.

I still like BEAV in this area and even though the damage that I wanted to see done on the break above resistance (triggering orders) is there and I don't have any specific reason to believe BEAV will head up above resistance again, if it does (by drafting the overall market), I would look at that as another opportunity to establish or add to the short position. You can always email me on any move above resistance again and I can double check the signals on the charts, but I think there's so many negative divergences in so many timeframes that it is just a matter of patience and time before BEAV falls again (this being the second short position -the first being a profitable one).

 Daily chart with longterm resistance in BEAV, this is the area I want to see a head fake move above, we did see a very fast one above that, it's possible, although at this time not showing any signals that it is likely, that we get another chance to look at shorting BEAV up in that area which is a better price, lower risk and of course higher probabilities.

 Here's an intraday pattern that is a bullish ascending triangle that set up over a couple of weeks, the implication is for a breakout that moves BEAV to the next leg up, instead it gapped above the area, hit all of the orders and stops and failed just as I was looking for although I had hoped it would linger in the area a longer amount of time.

The break below the triangle puts any longs who had limit orders above the triangle at a loss and helps increase downside momentum.

 The long term 60 mi chart is in a negative divergence here.

 The 15 min chart in the area of the bullish triangle was negative and more so at the quick breakout.

 As was the 5 min chart, so this is what we hoped to see and we saw. I'd just like to see it hang above the resistance level longer giving anyone who is interested more time to add to or start a position as the first breakout failed very fast.

As I said, the 1 min chart isn't showing any high probabilities of another shot at that resistance level, but you may want to set an alert just in case, it may offer a great opportunity to initiate or add to a BEAV short position.