Shared by:
EvanTepper_BOWS
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Comments
Driver42_BOWS
Can you give us some info on the trade such as a tag for what the setup is and then explain why you took the trade and what you saw etc
EvanTepper_BOWS
Sure...it was what I thought to be a small bear flag on the 3 previous 5-minute bars. I will tag specifics as far as the setups I see in the future. There was also a good amount of volume on the initial large drop, which seemed to dry up substantially on the 2:50 and 2:55 5-minute bars, coinciding with the weak bounce. It clearly wasn't well-defined enough. My initial risk was to 16.15, just above the 9/20 EMAs, while my initial profit-take was set to 15.20 which is around where I saw some support from 10:30AM. Risk/Reward was a little on the low-side for the initial sale at .56/.39, so not quite the 2 to 1 I was looking for.
It also immediately hit a low of 15.31 on the entry-bar so I was close to getting out of my first half, which would have then led to me lowering my stop back down to entry.
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Can you give us some info on the trade such as a tag for what the setup is and then explain why you took the trade and what you saw etc