A few red flags on this scalp trade: It had already had 2 large swings down, and the trade setup took place during lunch hour.
But it was compelling enough for me to take it, since there was a nice tight consolidation just below the Fib 161.8 extension (Fibs over 20 min opening range), along with a red shooting star as the trigger bar.
Once the trendline broke, I brought my stop down to just above the 200% Fib extension where it was hit.
It eventually hit the $17 target I initially had, but in hindsight, it just wouldn't have been worth the emotional capital to hold on.
Original stop amount was $.06, so initial reward/risk was a little over 3:1.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2011-09-02 12:25:19 | MTL | sell | $17.210 | short |
2011-09-02 13:23:08 | MTL | buy | $17.100 | 0 |
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