A reader posted this trade in the comments section Thursday. There was a gap down and rally into the retracement zone from the previous day's high to the opening range low. The declining 34MA was also providing resistance, and the second bar left a long upper tail (bearish). The entry was a break of the fourth bar low - the fourth bar left a long upper tail, and although I would have preferred a weaker (red) close, there were enough bearish signals to justify the trade. Price fell back to the opening range low, and continued to the Fibonacci extension of the previous day's high to the opening range low.
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Tags:
Trader-X, Stocks, Fibonacci, CAL
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