At yesterday's trade we said that AXP was unable to hold PDH on the important PP below $15. Today AXP tried to rally at the open but struggled with RZ forming a lower high with offsetting bars around noon. I entered short when price broke the higher low formed around 11am. I exited in full at the PDL and went long with half position 2 bars later. Why did I go long? The 3min, 5min, and 10min chart printed very clear doji reversal candles and there was strong support from PDL and R1. Overall I just have to say that "it felt right" going long. Anyway, I was not 100% committed to my intuition, that is why I entered with 1/2 position. Fortunately, it worked well.
I also had a number of smaller trades like RIMM with entry at 3/10. Took a partial at RZ and exited on the reversal bar. Overall, a very nice day.
3 comments:
Good catch on the long side!
Thanks Jamie!
Something that inspired confidence on the long side was that the Qs were hitting the 5DMA and finding support there.
But overall I still find that counter-trend or reversal trades require quite a bit of skill (more skill than I currently have).
Very nice trade Anarco. You caught almost the entire day's move in AXP. Congrats!
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