Symbol: LSI
Type: Short
Entry: During the 6th bar
Exit: During the 15:00 bar
Result: Gained +4.62%
- The upside down Hammer from the 5th bar (15mins) was what caught my attention
- I entered during the 6th bar, which looking back now, I don't think it was a good entry point
- Instead, I would rather enter during the 9th bar, when the prices cleared the low of the 6th and 8th bar
- Also, the entry was NOT close to the 5eMA at all
- Luckily for me, it all worked out
- If you look to the 10min chart, you can see that there are a lot of Lower Shadows, when prices reached the $8.05 level
- Well, I entered Short, and the prices just kept on falling
- I thought about exiting at least half of my trade when the prices were near the 119% Fib Level
- But I told myself that the prices was probably just trying to close the gap against the 5eMA. It did and it continued to fell
- The blue line that I drew, right underneath the 138% Fib, is a potential Support level that I derived from the Daily Historical chart. In this case, I was fairly accurate
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