Intraday chart condition:
- Red on the day
- Lots of longs underwater from open.
Broke out of consolidation (forming a double bottom on 1-min chart), retested it and went to reach more than the price target of the double bottom (height from middle to bottom).
- When it breaks the up trendline
- Dips below 2.95 after fakeout over 3$
- Could've been a short trade on the break below 3$ after the failed breakout (fakeout) over 3$.
- Add on break of up trendline (indicates weakness)
Short trade note:
- Take the short only when the 3-min or 5-min (or higher timeframes, not 1-min) show the bearish shooting star on high-volume indicating a very probable reversal especially if the price is very extended.
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