FSLR Position Set-Up Follow Up

FSLR is one I've been patiently waiting on, but have believe that we are very close to an entry as I have put out two recent posts, Sept. 5th's FSLR Position Management & Trade Set-Up which lays out the big picture and the trade set up expectations which look something like this...

 This daily chart shows a large triangle (which are almost always tops or bottoms depending on the preceding trend) and the head fake move they almost always see above the apex as was posted Sept. 5th as we are looking for such a move at least > $74 and today we are off to a good start as we just start to clear some of the resistance from the last 7 or so days.

Then on Sept. 8th I posted this follow up, FSLR Trade Set-Up (Management) Follow Up.

Again like last week, FSLR is up (so far +1.56%) while its sib-industry group is in the red "Specialized Semi-Conductors", which have broken the Trend Channel daily uptrend chart.

As for FSLR...

It remains in the Trend Channel with an advancing stop nearing the $70 mark.

The divergence between the sub-industry group and FSLR is ultimately good for a longer term short position, in the mean time, this has been a "Come to us" trade which we can verify and make sure it does as we expect before entering at a better price and lower risk.

It looks to me by the volume that they're trying to power FSLR through recent resistance which creates a breakout buying/demand situation which is what the head fake move we are looking for is all about.

Here's a 15 min chart showing today's volume. I suspect with the F_O_M_C coming up next week and well over a week of selling at resistance foiling any upside moves, they perhaps feel like they are running out of time to get this head fake move done. I don't just assume it's a head fake move because of the triangle and preceding trend, but the long term 3C charts which you can see in the original post linked above.

While I've taken a look at the 3C charts this morning, I suspect they really won't matter until we push past resistance so if you're interested in this one for a Tech sector short, I'd place some price alerts above the $73.50 and our original $74 area, it's at that area I want to see if 3C shorter term charts verify the probabilities we have suspected with this trade set-up.