JMEI
I had it on watch for a long, but needed to see a nice pull back to give me low risk entry. It is very hard for me to see a great ticker that is up-trending, to chase it long , just to see it pulls back and to take a loss on it. So I anticipated pull back from the lower highs today, from 17.00 rounded number, which I considered as overextended from the 14.00 break out few days ago.
No major daily resistance looking on the left on daily chart. If it was 18.00 may would have been better for short scalp. Anyways I think I did not break my rules, I knew my risk , I knew exactly the reason I'm shorting it , I took a loss and I'm ok with it. So the only one note to myself: weather was better to NOT DOING ANYTHING rather then take short on strong ticker?!?
RSI ? I do not use that but I may look into it.
CLF
This was overextended last few days but the difference between the JMEI and CLF is as follows:
CLF weak down-trending on daily.Momentum down
JMEI strong up-trending on daily out of nice daily break out 14.00.Momentum up.
CLF ran into 15 min resistance JMEI had no near resistance above.
I think the odds were much more in favor of CLF short , rather then shorting a stock that I plan to go long like JMEI
The reason to short CLF: 15 min resistance , lower highs, weak down-trending ticker on daily
Was little off on the entry did not look at 1 min chart , it was on a pull down instead of to getting on pull up, but was good trade. It was good ticker to trade since is very liquid and was able to size up nicely.
YNDX
Saw this came from twitter , @codytrades gave me a heads up.
Was great long entry from very strong resistance level and consolidation area 14.70-14.80, the box:) as the @AmyAtrade tweeter ( follow here ) likes to call it ...cute:)).
Took 1:3 risk reward nice trade from 14.78 to15.08 for 30 cents
Good green day, looking forward to have another one tomorrow!!
Salute !
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