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.
