Although MTB gapped up (it was in my gap up list), it sold off furiously and by 10:30am price made it below the PDL. I knew it would retrace at some point so I placed an alarm in my eSignal software at $36, which was a bit below the previous day swing low of the afternoon. Price touched that line and printed a bear candle (kind of like a cloud cover but not really), so I jumped in. Exited at exactly the 38% fib extension (draw it from the PDH to PDL).
4 comments:
Nice trade Anarco! It is interesting how fib and pivot levels sometimes line up. If you have the Pivots on MTB, your 38% Extension is S2. I love when that happens.
Tyler
I actually have PPs on my 15min chart, but I just remove them before I post so the charts are not so cluttered.
Yes, the fact that 38% fib and S2 lined up gave me more confidence to exit.
The weired thing is that I never saw the capitulation volume in the second leg down, but maybe the sellers were exhausted from the initial thrust.
By the way, I really like your JEC trade today. Congrats!
Nice fade the 2/15 IB break too.
Definitely bl!
2/15 was much better entry than mine.
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