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.
CEPH gapped up, printed a wide, bullish OR, followed by a handle in the upper range. The handle leads to price expansion and a full measured move as measured using the Fibonacci tool from the ORL to the ORH.
REGN was found through the Trade-Ideas scanner using the momentum scan. Again, a small, tight handle with NR7, leads to a full measured move of the last leg up.
