Ambush - Potash Corp./Saskatchewan (USA) (Public, NYSE:POT)

After early weakness, POT retraced 62% from morning high/low. it printed 3 IBs, the last of which was NR7 with body in the shadow of the previous bar (red on red) - very bearish.

Normally on the ambush trade, we take half off when price approaches lower fib, but today the market was starting to rip lower, so hang on for 3 WRBs. Price carved out a hammer reversal stick at the 50% FE so I tightened stop. It ended up being just a pause, as price eventually tagged the 100% FE.

The SPY formed a mini flag after breaching its trendline, setting up a low risk short.