SSO SPY and many other stocks doing the same
SSO
- PDC resistance
- 20 SMA resistance
- 200 SMA resistance
- Previous day congestion resistance
Where is path of least resistance?
Build short into the move up with stop above PDH
Reading the candles near the "stop area " is crucial to recognize fake stop out.
Have happy Friday
SSO 5 min
SSO 2 min
SSO broke the 2 min low instead of moving up from the open.
I was expecting to try to fill the gap off the gate and short into the 4 resistances explained above.
However it made an initial drop and created double bottom then moved up into the 4 resistances later in the day..That was no play for me .
I set on my hands and spotted QCOM moving nicely up tempting to go long, but I just could not do that after 4-5 days up
QCOM
The reason for this short was failure to hold PDH , daily over-extension,49.50 round number as resistance
QCOM 5 min
I was anticipating a large probable drop due to its overextended daily chart, and I really wanted to drop down to the 200 sma and HAVE A HOME RUN . I had a great short entry at 49.16 great risk reward, took some off with profit but left most of rest at break even and of course NO HOME RUN. I was sooo sure it will roll over to 48.75...then to 48.50... I totally ignored 48.80 daily pivot at which by just simple reading of the price action which was taking the high of the last red candle, I should have closed the entire position, but got greedy.
So now we know that 48.80 has been tested , will trade that line on Monday
@DaChopa
No comments:
Post a Comment