September 5 - ADBE

I found the market to be quite choppy and without much follow through today.

ADBE was not a great setup, but I wanted to post it so I can remember the little trades that one can take when market conditions are not so great. This is the logic I used for the trade:
- ADBE gapped down and opened below the 50 and 100 EMA in the daily chart, which meant that if the sellers had any strength, price would not stall at any major MA (although the gap did NOT clear the 200EMA).
- 2/15 rallies but cannot close above S1
- 3/15 rallies but ends up printing a very long upper shadow (bearish)
- 4/15 and 5/15 print lower lows and cannot close above S1
- The downsloping 5EMA catches up with 5/15 adding additional down pressure

I entered at the break of 5/15 (not a real nice trigger bar) and used S1 as my stop loss. My initial target was $40 (major PP and round number), but action was too choppy and price did not make it far below S2.