Daily Setup:Overbought
Intraday Setup: None
Layers of Probability: Markets fading, bit weak
Entry: Bad; Missed the red maribozu for entry, so decided to get in if it pulled back, kept averaging in.
Stop: High of red maribozu
Targets: 77.51, 77, trail
Thoughts/Thesis/Notes during the trade:
extneded on daily, starting to see some "dropoffs" intraday. Missed the entry, entered on pullback, added more, then added vs 78 which was rejecting. Stop at high of red maribozu.
Areas of Success: Notta
Areas to Improve: Need a setup, not extended, no base pattern, another boredom trade.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2023-03-21 10:57:00 | COIN | sell | $77.500 | short |
2023-03-21 10:59:00 | COIN | sell | $77.750 | short |
2023-03-21 11:01:00 | COIN | sell | $77.930 | short |
2023-03-21 11:05:00 | COIN | buy | $78.350 | 0 |
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I agree here is how I think you needed a setup to execute. Idea was smart as was breaking all the averages so anyone who tried to buy that 10:15 hammer is OTM. Biggest thing here I would say is this was rolling over yes but still well above the opening low. At this point all the indices had broken lows. So you have rel strength here in $COIN which makes it less probabilistic to short. Does not mean you cannot short, but I would maybe say to myself "okay we have rel strength here which is not ideal to short, so if I wanna short (which is still valid with how much daily ext there is) I really need to be selective about finding an entry"
If this name had rolled over sooner and got below LOD, then you have rel weakness on your side combined with Daily Ext and then you really have a nice short setup.
Just a way I looked at this!