I believe that we're in a bearish consolidation pattern at a daily horizontal level. We also have not touched 7.4-7.5 to retest that area as support. I think a short here is justified. Opened a partial position here. Have more short asks above price just in case we trail up a little bit. My stop is in a low volume node.
Ultimately, I'm looking for a test of 9K, but so this is somewhat a counter-intuitive trade. However, the R/R on this is objectively solid and the move up after the dump has been on low volume.
I'll be praying for longs to get liquidated.
Ultimately, I'm looking for a test of 9K, but so this is somewhat a counter-intuitive trade. However, the R/R on this is objectively solid and the move up after the dump has been on low volume.
I'll be praying for longs to get liquidated.
Trade active
Comment:
Cancelled the additional short asks that were above my entry that were going to be used to DCA my entry higher. Going to ride this down w/ my partial position
Comment:
Regretting cancelling those additional short asks, because they would've been filled. But I'm still in the trade. Short is currently underwater and found resistance on a weak move up at the 61.8 fib @ 8142
Comment:
Hit first target @ 7811 (50% fib)
Comment:
Going to move stop down at the close of this candle
Comment:
Moved stop. Trailing stop $50 above price. and a stationary stop for the rest @ 8K.
Both stops are in profit. This has been an overall successful trade, although it could have been managed better.
Both stops are in profit. This has been an overall successful trade, although it could have been managed better.
Comment:
target is still 7.6K
Comment:
Trailing stop triggered. taken profits on 40% of position. Still have 60% remaining. other stop is in profit
Trade closed: stop reached