Price gapped down below PDL and just above S2. It moved down nicely till 5 EMA caught up with the price. Shorted just below $77, covered partial above $76 and the rest above $75. It was a smooth ride, price never took out 5 EMA which was my trailing stop.
Love this pattern but did not take the trade. Nice move down, followed by consolidation and then price bounces right at intraday support and then breaks down. produces nice results. Same was the case here. At times, price takes out the high of the consolidation and then breaks down.
Price gapped down below PDL and just above S2. It moved down nicely till 5 EMA caught up with the price. Shorted just below $77, covered partial above $76 and the rest above $75. It was a smooth ride, price never took out 5 EMA which was my trailing stop.
Love this pattern but did not take the trade. Nice move down, followed by consolidation and then price bounces right at intraday support and then breaks down. produces nice results. Same was the case here. At times, price takes out the high of the consolidation and then breaks down.
2 comments:
when you say "just above S2", what are you referring to?
Thanks so much
Hi t-money,
S2 is the intraday pivot points. In my chart, it is the red dotted line.
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