PIR Trade on Dec 20, 2016 11:06 from tee: Tradervue User Stock Trades.

Saw the big red candles. It breached the R2 support line at $9.39 and no more MAs below. I learned from yesterday and waited for retest. I shorted the R2 pivot line with VWAP and 9/20 emas above.

(adding this note the next day in hindsight: I learned that on retests I should wait for a reversal candle or test at MAs where it showed rejection in previous 5m candles. Here I strictly shorted when it got back to the R1 pivot level $9.39 with 20ema as 2x resistance. If I had waited for price to test the rejection around $9.44 in previous candle I would have also seen this candle engulf the previous one, telling me short might not be a great idea. This would have kept me out of the trade, which proved to be a bad setup in the end).

My daily thesis was the potential over extended conditions on the daily.