DBS: Fibonacci retracement setup

Weekly Impulse allows to sell short in the daily time-frame.



The price has been advancing for almost two months without a meaningful retracement.
Evening Star bearish reversal pattern formed.
The pattern is above the 10d EMA, and stochastic oscillator %D is above 80; this passes the candle pattern filtering.
Daily MACD-Histogram shows bearish divergence with price.

This is not a trend trade. This is a short-term counter-trend trade.
This trade is a hedge for the current open LONG position on DBS.

Cut loss if $14.22 resistance is broken; target to cover short at $13.09 (61.8% Fibonacci).


Outcome:

28 Feb: Opened SHORT at $14.06
29 Feb: Closed at $14.36
Reason for closing: Market gapped up at the open above the stop. Buy stop order at $14.22 was filled at $14.36 instead.
Loss $0.30, 2.1%