Thought the ‘straight-up’ price action with no pullbacks would be a good opportunity to short, especially because it is uncharacteristic for $BABA.
Definitely not a case of ‘the best trades go immediately in your favour’, prompting me to exit.
Anyways, you live and learn.😌
Tried to short $BABA first reversal at around half an hour into the session, didn’t realise I was fighting a bigger picture breakout on the daily chart.
Luckily I got out for a small loss after recognising BABA’s strength, and now know to always check the bigger picture.🙃
Here’s a trade in PPLT:
- Capitulation setup, daily chart was way overextended to the upside and was far above the top Bollinger band.
- Took 2 different short positions at 2 different breakdowns
- The good: Prepared
- The bad: Should have been full size from the first entry.
@infinitytradeIO@tradingview Summary : Scalping breakouts
Stock must have news like an earnings report that gets people involved -basically high volume
Stock must gap and rally in the direction of the gap.
It must pullback to 9ema & break out of the pullback - Entry.
TP 2nd leg higher
SL @ consolidation low
@TradeSensei07@in_tradingview The market has taught me the power of trading with fundamental catalysts. The recent election created many trading opportunities in many markets, especially stocks and crypto.
@dhawal20jain@tradingview I use TradingView daily 😀 and it would help me monitor more setups with larger watch lists. I also can’t survive with the free plan’s 2 indicators limit!!