Sometimes they go sideways*
1.) What did I see?
A gap down and weak first bar (it does leave a long tail, which could be considered bullish). The second bar is strong but rallies into resistance from the retracement zone of the previous day's high to the opening range low. The third bar is bearish at the retracement zone.
2.) What is the entry?
A break of the third bar low.
3.) What is the exit?
The target was the morning low - actually, I would have closed 1/2 after $1 (which is my standard), and held the remaining 1/2 for the morning low target. But TKLC never reached either, and the position was closed at the end of the day for a small profit (enough for a day of fine eating at Whataburger - one of the perks of being back in Texas).
*I say sideways because it did not reach my target - actually, the trade was ~.70 in the green at one point. If I could cover at the exact low it would have been a nice profit, but I have not refined that ability as of yet!!!
Check back Sunday, as I will post more charts from Friday's trades.
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