The swing long trade initiated on 5/6/2011 with the setup of bouncing off supporting trendline and the 20 EMA failed to gain upside momentum. Today, the price declined below the stop loss level and the trade was closed out with a 1R loss when it hit the stop loss level. With the price moving below the previous low, it is now forming a lower-high/lower-low downward trend. Until this price pattern reverses, no new long position will be considered.
