Very wicky and bearish price action on high volume with a selling-off behaviour on the daily chart with spike-and-down moves- high probability trade given the shooting stars on high volume.
Watchout:
- Level 2 was still being bullish, dips were getting bought and the price was approaching the breakout point of an ascending triangle. If the candles hang at the top of the resistance, it shows that buyers got strength and are succeeding in keeping it up for a very possible breakout.
Better to avoid it, decrease the size or exit with a small win to avoid getting squeezed as it approaches the upper breakout point, and watch out to not get greedy as it can do more harm than good.
Be conscious of your state of mind while trading. This awareness brings you only good in life.
Otherwise, setups like these breakdown much more often than they don't and it did in this case but with someone faking out the breakout before killing it.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-03-25 10:09:03 | IMMP | sell | $3.950 | short |
2021-03-25 10:10:47 | IMMP | buy | $3.890 | 0 |
2021-03-25 10:16:03 | IMMP | sell | $3.820 | short |
2021-03-25 10:16:19 | IMMP | buy | $3.930 | 0 |
2021-03-25 10:17:31 | IMMP | sell | $3.870 | short |
2021-03-25 10:19:34 | IMMP | buy | $3.710 | short |
2021-03-25 10:20:39 | IMMP | sell | $3.870 | short |
2021-03-25 10:23:12 | IMMP | buy | $3.870 | short |
2021-03-25 10:24:42 | IMMP | sell | $3.850 | short |
2021-03-25 10:28:40 | IMMP | buy | $3.740 | short |
2021-03-25 10:30:56 | IMMP | buy | $3.609 | short |
2021-03-25 10:34:55 | IMMP | buy | $3.510 | short |
2021-03-25 10:46:00 | IMMP | buy | $3.469 | 0 |
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!