Trade
3:59pm 10 FB short @ $206.13
7:37 pm (post-market) 10 FB cover @ 204.6
+$15.3
Setup
- As the trend channel line indicates, FB had a rising 3 push wedge following a sell-off from the open
- I sold the pullback after the first leg down of expected two-legged correction to wedge.
- The pullback was two legged and ended at 20 ema, setting up the short.
Outcome
Market sells off steadily in a post-market channel to complete the spike and channel pattern
Give that it was a Friday before a trading holiday on Monday, and that FB had been selling off hard since its poor quarterly results…and because the Russians are still clowning around on Ukraine’s borders, I’d been expecting the final capitulation of FB all the way down to $200 and beyond. I was wrong…again.