Shared by:
Ihor_Horovenko
Thesis: Price could not hold above PM high and experienced strong rejection within 2 bars. After reversal, the price broke under the PM low and Monday/yesterday LOD and open. Having all 3 levels being broken down is a strong signal taking into consideration bar close on above average volume.
Stop: approximately 265.26 - above breakdown bar.
Entry: I have entered position once the bar closed on above average volume below PM low, open price, and prior LOD.
Targets: trade2hold with an intention to see at least 1to3 RR ratio.
Breakeven point: adjusted stop-loss to breakeven after taking first profit. Standard practice.
Comments: Powerful setup, but price action was stronger than expected what is not ideal for the perfect short scenario.
Lessons: Tape is the key to all answers on where to take profit faster. Watch it better and PNL will be magical.
Execution detail:
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