A+ set up.
Daily:
Following the 16th, each day closed at or below the 20.50 level. This acted as a daily resistance level on the 19th.
Support @ 20 EMA, 18.20 level.
Intraday:
Light premarket volume, Sideways price action.
Following an initial sell off to the 15 min EMA, price consolidated from 9:35am until 11:55am in an ascending wedge. I entered short on the break of support and added into weakness. Price became extended from the 5 min 9EMA and I exited on the first 5 min new high.
Re-entered on first new 5 min low, though was premature as the price continued consolidating closer to the 9 EMA. During this time, volume dropped considerably (textbook consolidation). Exited at 19 when price became extended.
Areas of improvement
This was an A+ trade. Waiting for the break of consolidation support to take the trade was well done (this also coincided with a 15min 9 EMA death cross below the 200 EMA). Exiting on price extension from the 5 min 9 EMA was wise, since it could have bounced back.
My re-entry was a bit early, and should have waited for price to consolidate closer to the 9 EMA. Volume during this consolidation was weak, however, and didn't show signs of strength. Exiting again on price extension was well done.
I missed out on a third move down that I should work to capitalize on. Entry could be at the 5 min 9 EMA on rejection, with covering on any exit signal e.g. daily support level, reversal signal, sideways price action etc.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-06-19 12:14:44 | SAVE | sell | $19.840 | short |
2020-06-19 12:16:32 | SAVE | sell | $19.780 | short |
2020-06-19 12:29:54 | SAVE | buy | $19.567 | 0 |
2020-06-19 12:36:11 | SAVE | sell | $19.480 | short |
2020-06-19 13:36:23 | SAVE | buy | $19.018 | 0 |
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