Jan 4, 2022 Shitty Trade du jour

Shorted INTC where I thought the pullback would end, at a likely double-top and after 2 bars on the 60 min chart. I was wrong. Shorted on limit order at $53.30, stopped out at $53:54…as the pullback continued til $53.79

I bought the right-most bar as it was forming.
  • That price area formed a double top with the shoulder after 10am.
  • The spike and channel shape of the pullback culminating in a final flag…to me it looked like a pattern completed

setup 60 minute

I expected a two-leg pull back to the 60 min 20ema, an abc correction. I expected the downward journey to the ema line would recommence after 2/3 bars of ‘correction to the correction’

outcome 5 minute

the pullback continued and continued….all the way back almost to the start of the down leg. INTC is popular these days, it seems!

shorted at $53.30, stopped out at $53.54. 50 shares for a $12 loss…

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