I did not take any partials and covered the entire position at the 50% Fib Retracement of the OR (30 MIN). So far price has had a bounce in that area, but who knows what will happen from here. It was a nice gainer and I am happy with my exit.
UPDATE: The EOD chart is now posted above and it looks like my exit was a good choice.
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2 comments:
I like these trade setups. For some reason I would feel concerned going short since the the first bars are so strong. But these plays obviously work very well.Do you get faked out a lot?
Congrats!
Anarco,
I don't take a ton of trades, so the ones you see on the blog are pretty much it.
I am sure there are some fake outs, but this one looked like reversing with the long upper wick followed by the hanging man, followed by the inverted hammer. I probably wouldn't short if only one of those sticks appeared.
How far they go I am not always sure, but the low from a few days ago looked good because it coincided with a fib level.
I probably got lucky with it, but I'll take it.
Tyler
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