Posted by Tom C.
I rarely go into the trading day with a bias - and I don't recommend it - but I admit I was looking for shorts from the open and was more aggressive on the short side today. So both of these setups were riskier than my usual trades.
I took BA after it formed multiple narrow-range bars, culminating with a NR5 and an inside bar. I entered on a break of the 5th bar low, and closed the position at the halfway point between the low and the FE (Fibonacci lines plotted in the traditional X style - the previous day's high to the ORL).
RMBS gapped down and printed two weak bars. It made a textbook pullback before resuming the downtrend. I entered on a break of the 6th bar low (the 6th bar was weak and left a long upper tail). I was holding for the halfway point between the low and the FE...price never reached that level and I closed the position at the end of the day.
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