Saw MU break a descending trendline with increasing volume. I liked that it was validating it's LOD as support. Bought a share after confirmation of the uptrend with a 3:1 RR.
A high volume sell-off ensued. I'm proud of myself for getting out quickly and keeping this loss small.
The fact that it was able to come all the way back down to it's LOD shows that buyers weren't too eager to get into this name. I like that my RR was solid, but there were better names to trade today, like AMD.
Lesson Learned: Think about what the price action is telling you beyond just levels. Are buyers willing to step in/ How eager are they to get their hands on shares?
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-11-30 09:41:18 | MU | buy | $64.587 | long |
2020-11-30 09:48:28 | MU | sell | $64.360 | 0 |
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