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
Commentaire:
Trade not doing what is expected. Tighten stop lost to 71.14 and move profit target to breakeven