CCL Trade on Jun 22, 2020 09:34 from mrideout: Tradervue User Stock Trades.

Daily:
Price level at 20.04.

Since June 15, price has not been able to close above. Stock in downtrend.

50 EMA at 18.00, possibly resistance if stock opens below.

Intraday:

Premarket sold off on light volume to below prior day after hours close. Price below daily 50 ema.

At opening bell, price initially sold off for 10 minutes to 17.00. I went short on the second 5 min candle for an ORBD, but price held as support with the 1 min chart forming a double bottom. I held stubbornly and exited near the top of the rally at 17.50 near the 5 min 50 ema, which acted as resistance.

Areas of improvement

The daily chart was in a downtrend and below the 20.00 price level, and the 50 EMA. Going short was the right move, so I can't fault myself for trying to take an ORBD. The entry made sense.

When price made a new 5 minute high at 9:40am, I should have exited immediately. As a momentum trade, price should follow through, not bounce back.

I missed a good opportunity to reshort at resistance at the 5 min 50 EMA. A candle with a long upper wick, a hanging man, and then a shooting star formed, showing strong resistance. Entering on the first 5 min new low would have been a good entry.

First price target could be LOD. Second price target could be 16.70 price level (LOD of the 11th).