Trade
3:30pm short 10 INTC @ $48.22
3:37pm cover 10 INTC @ $48.1
3:48pm buy 40 INTC @ 48.25
4.02 se;; 40 INTC @ 418.31
Setup
The 15m chart was showing consolidation after one leg up from a double bottom. Additionally there was a shorter time frame (second) double bottom on the 5m chart. As breakouts from trading ranges usually fail, and as double bottom breakouts often have a deep pullback, my plan was to fade the upside breakout of the trading range and double bottom on the 5m chart, then reverting to a buy once it dropped to the area of the double bottom.
Outcome
The price dropped to the floor of trading range and then reversed up. My profit target was interrupted by end of trading at 4pm EST. Not the first time I’ve been caught out ball watching. The first minutes post-market are volatile and I got out of the trade asap, reducing my gain to a few cents. Today, I will be checking if INTC follows through on the 2nd leg setup on the 15m chart.