Shared by
sk6345
SPY is in a range, forming a flag pattern underneath price resistance. Intraday price gapped down at the open pulled back the ma's and failed to break above them all.
Rubberband short on the daily chart. stock had an exhaustion gap at the open, reversed and tanked. When I saw price pulling back, I waited around for a bear flag to form. Shorted on the break of the bear flag. Price ended up reversing and I was stopped out.
The 9 ema hadn't quite caught up with price when I entered for the first time. So, when it did, and I saw price fail to remount it and a red candle was holding, I figured this the bear flag I was waiting on. I shorted with stop above the 9 ema. price pulled back and I was stopped out again.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2017-05-02 10:02:00 | BRKS | sell | $26.210 | short |
| 2017-05-02 10:15:00 | BRKS | buy | $26.420 | 0 |
| 2017-05-02 10:19:00 | BRKS | sell | $26.280 | short |
| 2017-05-02 10:27:00 | BRKS | buy | $26.400 | 0 |
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