POR short on overextended buying
Reasons to enter:
Weekly analysis:
- Overextended buying, 4 relatively large candles in a row
- Volume spike one the last green weekly candle (ending volume)
Daily analysis:
- Bearish spinning top followed by big bearish candle move down
- Big nice void for the price moving down. No resistance at all
- 2R target around the 50% retracement sweet spot.
Intraday analysis:
- Igniting bearish volume on the last 30 min candle
- Today's move (4th feb) took out 3 low pivot points
Reasons not to enter
- Counter trend trade on both weekly and daily
- Earning reports coming soon
Conclusion:
Still a good trade to enter. Though it is a counter trend trade, the price is very overextended after having 17 green bars in a row.
Since there wasn't any resistance to be found going down to the target price, it should go down relatively fast before the earning reports date on 15 Feb
Weekly analysis:
- Overextended buying, 4 relatively large candles in a row
- Volume spike one the last green weekly candle (ending volume)
Daily analysis:
- Bearish spinning top followed by big bearish candle move down
- Big nice void for the price moving down. No resistance at all
- 2R target around the 50% retracement sweet spot.
Intraday analysis:
- Igniting bearish volume on the last 30 min candle
- Today's move (4th feb) took out 3 low pivot points
Reasons not to enter
- Counter trend trade on both weekly and daily
- Earning reports coming soon
Conclusion:
Still a good trade to enter. Though it is a counter trend trade, the price is very overextended after having 17 green bars in a row.
Since there wasn't any resistance to be found going down to the target price, it should go down relatively fast before the earning reports date on 15 Feb
הערה
Trade not doing what is expected. Tighten stop lost to 71.14 and move profit target to breakeven
כתב ויתור
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