Could you review a chart for me?
Symbol: ME
Time: 30min chart
Setup: Double Dynamite
Shorted on break of the 3rd bar. Covered before my stop was hit as it was clear on the 15min chart a reversal was coming.
Would appreciate any observation.
30 minute chart
(Double Click Picture for a Larger View)
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Stock:ME
Entry Bar: 3
Entry Green Line: 11.76 short
Stop Red Line: 11.93
Result: Stopped out
Setup Grade: would not take this trade
Notes: A reader asked me to review this trade. I would not have taken this trade for several reasons: For a double dynamite trade I want two small narrow range bars that are similar in size. The 2nd bar is not one I would consider a narrow range bar. For shorting I prefer both red. That 2nd green bar scares me out. 2nd reason the market is strong, was looking to go long on the day. The one thing I liked is strong day over day volume, but again you where fighting the market. Good stop management, stick to your stops and live to trade another day.
Entry Green Line: 11.76 short
Stop Red Line: 11.93
Result: Stopped out
Setup Grade: would not take this trade
Notes: A reader asked me to review this trade. I would not have taken this trade for several reasons: For a double dynamite trade I want two small narrow range bars that are similar in size. The 2nd bar is not one I would consider a narrow range bar. For shorting I prefer both red. That 2nd green bar scares me out. 2nd reason the market is strong, was looking to go long on the day. The one thing I liked is strong day over day volume, but again you where fighting the market. Good stop management, stick to your stops and live to trade another day.
* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.
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