This looks like a trade to me , which I entered moments before close was actually looking at MRO as another choice but I like the way this one closed more from a risk to reward setup basis.
****Countertrend****, so low probability, but price action gives us some hints of a short term reversal move here I'm looking for :
1) gap up that was not enthusiastically held by bulls ,
2) borderline overextended here from MA's
3) Doji/starish price action increases likelihood of reversal continuation , hints bulls are running out of steam at this price level and
probably taking some profits .
Entry: 23.14
Stop : 24.01
PT 1 :22.35 ( sell 1/4) this is 1R
PT 2 :is 2R ( sell another 1/4 here )
Balance will try to run, if possible...
****Countertrend****, so low probability, but price action gives us some hints of a short term reversal move here I'm looking for :
1) gap up that was not enthusiastically held by bulls ,
2) borderline overextended here from MA's
3) Doji/starish price action increases likelihood of reversal continuation , hints bulls are running out of steam at this price level and
probably taking some profits .
Entry: 23.14
Stop : 24.01
PT 1 :22.35 ( sell 1/4) this is 1R
PT 2 :is 2R ( sell another 1/4 here )
Balance will try to run, if possible...
Comment:
added to CVE short here at 23.83.. same stop
Comment:
Do or die moment for CVE imo , 4 times up around this resistance level per 5 min chart, although this time we have run up higher than others and it could turn into support pretty quick here .. time will tell ...
Trade closed: stop reached:
Managed to de-risk the add this morning but was ultimately stopped out on balance today for a 1R loss
艾力克~