It's just an initial idea to see if I am in sync with price. That bias changes easily as I am not using it to predict. It's just letting me know where I am with reading the price action today
Today there was a nice short setup between 1010-1020 but one key ingredient kept me out of it. I am getting much more in tune with this stock. I (per a friends recommendation) am learning to trust what I am seeing and my prior experience watching this stock. I am not quite sure how to explain it, but I can feel when it is probably going to move. I am not huge fan of "feel" but there is something there. Either way, a stop loss protects incorrect feelings. There were actually two things that kept me out. One was simply the candle action near entry. The candle leading to my entry had a slight up bias that closed up prior to my TTF offering an entry or setup. Once it closed against the entry, I would have needed something else on the larger TF to show me we were headed down. It didnt offer that information until after it broke down. I was looking for a short around 1pm but some key price action signs showed a bottom was forming. I could be wrong but I won't be shorting. There probably won't be any trades today unless price makes a serious move up. I won't trade short into a bottom. It looks like I was wrong and the bottom is not in. I am still looking for shorts. Short at 1:43 - Target LOD - Stopped It looks like the bottom took a little longer to produce than anticipated. There was a serious battle at the lows so even if a short setup comes into play from here, I am not looking to get short. It is 2:14 and it looks like price will be breaking resistance for the rest of the day. Im done for the day because of this.
WRR - Lets see what picture is painted today. I am still short but a rally into Friday from the two day short wouldnt shock me
I have a resting order right now to get short. Price has broken resistance today a good bit, but the retest of the area from Thursday might signal just that, a retest. Price on it's own is showing strong sell bars under support on my mid and high TF. My TTF is in a downtrend so I am looking to enter on this pullback for a short to the other side of the channel. I might be slightly early as my TTF and entry time frames don't translate exact on the chart. It might take 2 tries to get this one right. TTF and entry both gave me a setup so we will see. Short - 11:36 - Stop placed and entry looks good. Time to manage. Price is dropping fast. Usually a good sign when an entry is timed right. Stop hit. I noticed on the entry TF that when it got back to my entry area it really popped against me. Lesson - I should have acted sooner when the second red bar in the circle had a tail against me. It would have been a BE trade. Short 12:48 - There was another setup at a more significant retrace to support turned resistance. This is a break out play short. The mid time frame showed strong short price action. Target LOD and stop was tight.
WRR It looked like the run up to 11:10 was going to be a break out so I was looking for a long entry. Then the price action said otherwise up until now which is 12:15. I will still go either direction pending what price is telling me. Short 12:30 - Target backside of prior channel - stop set 5 cents. Stopped. Might need a reentry pending price action Short 12:41 - Re-entry - Stopped