Looking to the left:
- The demand zone at the level of the entry was very spread out which made it ineffective (wicks indicate selling, thus weakening that demand level which is supposed to be buying, not selling).
- No volume indicates that the stock is in a continuing the downtrend lower.
Better opportunity:
- Bounced on the 61.8 Fib aligned with a demand zone (lower wick of the 1-min candle that has never gotten to that level after that first wick)and 10.00 whole-dollar level.
Solution: Enter on the pullback on the retest of consolidation high after the break above consolidation.
In a reversal, the volume must also be curling and green volume get bigger relative to the red volume.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-02-22 12:20:27 | TAOP | buy | $11.030 | long |
2021-02-22 12:23:35 | TAOP | sell | $11.160 | long |
2021-02-22 12:27:23 | TAOP | sell | $10.513 | 0 |
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