This play and the reasoning should be pretty self explanatory, zoomed the chart out so you can see how far back I look before taking a trade. The play is from the Red sell rectangle to the Green support rectangle, and start looking to abort the trade at new highs with high volume and/or any random bullish news. Looks like it's at resistance and almost all the oscillators are overextended on the daily timeframe, with VFI clearly moving downward. If this play works out the way I'm thinking I'd be looking to short the next bounce.
Trade active:
It is actually hilarious how nicely this played out and the prices reaction to my red sell rectangle. Took some profit at $51 in case of a bounce, $46 is a far off target and we're not going to drop 20% in one leg down. I'll likely look to reshort around $53-54. Hitting $56 again would surprise me
just now
$ETSY at $56 and the whole market overextended and just waiting for a catalyst to tank again, you bet your ass I'm shorting this sum' bitch again. Stop loss $59-60 depending on the movement