SNE just missed it's target of the retracement zone from the previous day's high to the opening range low. The entry was a break of the third bar high, but as price approached the target it reversed and left a long upper tail/wick (on the fifth bar). The sixth bar was very weak, with it's red real body offsetting the green body of the prior bar. The seventh bar attempted to rally but failed, leaving a long upper tail/wick.
The combination of the sixth and seventh bars was a huge warning sigh that price was stalling out and potentially reversing. The position was closed on a break of the seventh bar low.
I am highlighting this trade because it represents something I always say - if you take fewer, high quality set-ups you can monitor them more closely and prevent winners from becoming losers. In the case of SNE, the trade still netted .30 even though the target was not reached.
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