Shared by
pstark89
Whats the Setup: Hammer candle on 2 min - overbought stochastics - lower low
Where are EMA's: Below
Resistance : 68.45 which was the high on the 2 min candle
Support: 67.59
EMA's-Direction & details:Flattening after being up all day
Time Frame Alignment: Similar action
Volume: Above average
Market action: Climbing higher after being down all day
Stop:68.45
Target: 67.59
R/R: 3:1
Are Stop/Target proper: yes
Reasons for exits: Covered first half on initial pop down. Covered other half at target. Covered balance when it looked like it was holding that support.
Notes:
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-03-04 14:15:08 | AMBA | sell | $68.200 | short |
| 2015-03-04 14:19:09 | AMBA | buy | $67.850 | short |
| 2015-03-04 14:20:23 | AMBA | buy | $67.600 | short |
| 2015-03-04 14:24:58 | AMBA | buy | $67.990 | 0 |
Comments
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Sweet short Peter! I just told myself that I would not try to short if the EMAs are below the candles/price...had a few losses, but I know people take those short trades. And it's okay in this case because it was later in the day after a big run. I know you'd be on a much safer side if you took the double top breakdown at around 3:30 but anyways you had a nice gain here,