Symbol: MAT
Type: Short
Result: Gained +3.14R
- First of all, I almost entered Long during the 12:50 candle, when the prices broke the Day-high.
- But I decided to wait for the completion of the candle, as a confirmation, but it failed to close above Day-High
- I stayed tune to MAT see which way it was going to go
- It painted consecutive NR7's and Inside Bar (does zero price movement even considered as NR, or IB?), setting up a Base.
- Then at 13:50, it fell below the Base
- My Protective Stop was set to the high of the 1pm bar
- As the prices fell, I adjusted my Stop to follow the previous bar High
- My initial target was the next Fib. Level. But looking at the Historical chart, it appears that there's a potential Pivot point around the $22.76 level (see yellow line)
- Therefore, I adjusted my primary Cover point to $22.76, which it did get there
- I was Stopped-out during the next bar
- A 3R+ gains... I'm happy!
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