(10:11am CT) Entered Bearish @ $31.39 Yesterday
I jumped in bearish yesterday towards to the end of the day when it came back up to the resistance area. I knew I wasn’t going to chase it in the morning while it was strongly bearish but once it retraced and came back up, I knew that was a good bearish entry.
Many traders possibly thought that was a hammer but it wasn’t because of the location. It formed just below the Head and Shoulders neckline which isn’t a good place for a hmmer. I saw it more like a neckline testing if anything. If we look at it in intra-day probably more clear for that argument.
Today we couldn’t push through the resistance and tanking now. Also you can see that we had good selling pressure volume spike there yesterday which fueled today’s move.
Targets: $30 and $27.50
This is very similar to my SLB setup looking at the moving averages.
As you can see that we are now traveling below ALL moving averages and we got all sorts of MAs crosses at the top. This is very significant event as many big fund managers look these moving average crosses. They look at it as momentum shifters. So if I can interpret is correctly, momentum has been shifted for the favors of the bears.
Got Stopped Out @ $30.92
I think I put my stop too tight as I was looking at the Market Indexes as they were at pivot however I’d rather get stopped out with profit and than a loss. I might be looking to re-enter if the market tanks as a whole.