Tonto Trade - RIO

RIO gapped down and formed a bear flag against S2 with very nice declining volume. I entered on the break of 6/15 and my stop loss was $0.02 above S2. Initially RIO moved my way, but the stock reversed at noon. Fortunately, I had moved my stop to break even, so no major damage took place.
In general, I do not like to enter a second trade on a stock that I traded unsuccessfully earlier in the session because I believe that if I did not get it right the first time it is because I am not “in tune” with the stock action. But today, I found a nice opportunity with RIO in the early PM. The stock kept making higher lows and was approaching the ORH with very nice declining volume. The 14:15pm was an inside bar with low volume and near the ORH, so I placed my order a few cents above the ORH. Price expanded nicely at that point. In seeing how the stock was moving, I was hoping for a short squeeze into the end of the session, but the volume was not there, so I drew the fib ext lines from ORL to ORH. My final target was the 100% fib ext, but I decided to take a partial at the 75% ext because RIO had already printed a few wide bars. I am glad I did that because price reversed, which forced me to exit at the 50% ext.