Reason for moving:
Don't buy:
When I bought it when it broke the big uptrend on the 5-min chart. It then retested the upper resistance of the trendline and failed - this is when I should've sold if I bought (although I must not buy after the trend broke => it will go lower, so wait for selling to wean off).
On the 5-min chart, the price is already extended and it could pullback much lower to like 50% of the whole trend.
The price is in a clear downtrend making lower lows and highs => thus I need only the strongest demand levels as these are the ones to reverse the trend.
Very Important: On the 5-min chart, the green candle was on lower buying volume than the previous red selling volume. This indicates no follow-through or no interest from buyers and thus, don't buy the pullback. It also rejected a supply zone.
Also, if the price is approaching slowly a demand level while in a downtrend and no buying volume appears, and it's lunch, and the volume/price are still bearish don't buy the dip. It's likely to breakdown lower.
#### Wait for it to break the trend!
Exit:
Say to yourself: What would be the price at which I would know that the trade didn't work and that it will continue lower?
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-03-26 12:15:26 | RAIL | buy | $6.230 | long |
2021-03-26 12:19:57 | RAIL | sell | $6.360 | long |
2021-03-26 12:21:04 | RAIL | sell | $6.440 | long |
2021-03-26 12:22:56 | RAIL | buy | $6.360 | long |
2021-03-26 12:34:39 | RAIL | sell | $5.923 | 0 |
2021-03-26 12:48:03 | RAIL | buy | $5.820 | long |
2021-03-26 12:50:00 | RAIL | sell | $5.820 | 0 |
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