TNA short again - 3rd time in a row

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.

NFLX, FCX

A boring day. Could not find any good setups. Traded NFLX, FCX (twice).


Wanted to short NFLX on the break of the 4th bar low but did not pull the trigger. Usually a WRB followed by consolidation is a pause for the continuation of the trend but when price takes out the support of the consolidation, it provides a nice shorting opp. A WRB followed by consolidation but price takes out the low of 4th bar low. I just could not pull the trigger. I entered short when price after making a low retraced and found the EMA's as strong resistance. Covered partial at 5 DMA (orange line) and was holding the remaining hoping it to reach S1 which was also the gap support. Price moved sideways below 5 DMA but when the high if the consolidation was taken out, I exited the remaining part. It was just a fake. Price moved to S1.

FCX found support on S1 and formed a base. Strong closing bar followed by 2 inside bar consolidation on light volume. Long on break of strong bar high. Was expecting price to reach PDH (purple dotted line) but exited before that based on 5 min. chart.

QLD, AKAM

Markets gapped up above the $115 resistance on some data and hit the gap resistance in early trading and sold off immediately. I was looking to go long and initially thought market was retracing for a move higher. I just could not pull the short trigger. Instead I took a short in AKAM. Markets moved down nicely and then QLD (Proshares Ultra QQQ) made a new high but there was a negative divergence in MACD when price made new lows but momentum made a higher low. It them formed a base. Went long with an initial target of PDL. Exited near the 50 EMA on the 15 min. chart. Scalped QLD a couple of times again for both long and short.

AKAM formed an inverse C&H. Entered short there. Covered partial at 50% FE and the remaining when it formed a bullish hammer.