Reversal:
1) At 200% to the downside of the first (and only uptrend) of the day.
2) Extremely high-volume on two consecutive candles - one of them being a hammer on high-volume.
Correct Entry:
- Pullback to the consolidation high after the break of consolidation.
Correct Exit (or Scale-Out):
- At the supply zone at the gap resistance.
Hints of downtrend continuation:
- Selling volume higher relative to buying volume (even in the uptrend)
- Multiple drop candles (hanging-man candles) throughout the uptrend.
- Not making new highs on the first try, and not going far on the second try.
That's why you buy dips, the lowest and safest as possible.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-02-22 11:18:16 | CBAT | buy | $7.670 | long |
2021-02-22 11:30:30 | CBAT | sell | $7.790 | long |
2021-02-22 12:05:40 | CBAT | sell | $7.760 | 0 |
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