Grade=C- (minus for the risky nature of this trade)
SCO is a 3x bear crudge oil ETF
(These charts below don't show clearly what happened at first. The first entry was exited right away by mistake.)
The setup: I was watching the bid and ask for SCO and also the live crude oil charts. It was very extended to the upside and looked to be putting in a double top on the 15m and 5m charts. I based my risk off of the first top for the short.
The result: I was satisfied with my entry because oil sat at that level and didn't go any higher. I just had to be patient and I got the move I was looking for. I got out of it well, and I'm glad I did because oil continued its ascent shortly after. I was a bit early on the entry though.
Execution detail:
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