$MCD reported Earnings, but as it is usually crowded and I dont like to trade it, it was not on my watchlist.
$MCD was really strong and eventually showed up on my Reversal-Scanner. Looking at the chart I marked down 175.80s, 177.70s and 178.70s as levels for a possible reaction and resistance.
On the tape $MCD looked still kind of strong, but being in the green for the day it was worth a shot. At the first level I took a starter for a quarter position and tiny size.
I kept watching it while trading the other stocks, but when I came back to it and saw it hesitate with 176.50s and rejected. I waited a moment and added on the ask.
$MCD started to sell and I had 175 in mind for a first target and later VWAP/EMA20.
My target did not get hit and MCD bounced with strength. It retested the previous high. Spiked up further, but rejected. When it consolidated and every attempt higher was sold, I added another piece.
$MCD sold off to what would be a fakeout. I got a bit impatient with it, but was still confident with the selloff at some point. Hesitant little bitch! Well, 45 shares is still a small position, but it went against me more than I liked.
I let it play out and placed a limit order just below 175.50 that got taken out on a quick spike up. It felt like we finally found some resistance and a turning point.
MCD came down to 177 and retested that 177.70 .
When I saw it hesitate once again and form a nice decision-candle I waited for it to close. $MCD then tried to make a move higher which was what I liked to see, a reject of that, and added as it crossed the lows of the decision-candle.
Then I was really patient to let it play out with VWAP in mind as my final target.
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