Stair step patterns offer low risk entry points. I missed the first step up, but managed to get the second long and then the short after price stalled out at $17.00. I'm keeping this one on the
WL for tomorrow, because sometimes the stairs carryover to the next session and they can run all day.
IDCC was a
gapper trade for me two days ago. Gravestone
doji trigger bar just below downsloping 5 period EMA - took a partial after 3 consecutive red bars. My target was the 50% FE (Fibonacci extension) but
IDCC didn't want to go there, at least not today.
POT made a lame attempt to retrace, but the candlesticks were screaming "short me". Trigger bar is NR7 - spinner with upper shadow. Partial after 3
WRBs and exit as price approaches $68.00 just below 50 % FE. It's not obvious on this timeframe, but 1 minute shows clear signs of capitulation volume as price approaches FE.
V ended yesterday's session with a bearish topping candlestick pattern. I placed my fibs from
PDH to
ORL. I was expecting it to carve out a few inside bars and roll over, but V rallied back up to the top of the R-zone. Finally, it came back in and printed
NRIB and I went short. After testing
ORL, it retested my BO point, and eventually succumbed.
Stair step patterns offer low risk entry points. I missed the first step up, but managed to get the second long and then the short after price stalled out at $17.00. I'm keeping this one on the WL for tomorrow, because sometimes the stairs carryover to the next session and they can run all day.
IDCC was a gapper trade for me two days ago. Gravestone doji trigger bar just below downsloping 5 period EMA - took a partial after 3 consecutive red bars. My target was the 50% FE (Fibonacci extension) but IDCC didn't want to go there, at least not today.
POT made a lame attempt to retrace, but the candlesticks were screaming "short me". Trigger bar is NR7 - spinner with upper shadow. Partial after 3 WRBs and exit as price approaches $68.00 just below 50 % FE. It's not obvious on this timeframe, but 1 minute shows clear signs of capitulation volume as price approaches FE.
V ended yesterday's session with a bearish topping candlestick pattern. I placed my fibs from PDH to ORL. I was expecting it to carve out a few inside bars and roll over, but V rallied back up to the top of the R-zone. Finally, it came back in and printed NRIB and I went short. After testing ORL, it retested my BO point, and eventually succumbed.
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