I suppose the argument can be made here that this was extended when I got in, but looking at everything I looked at today, this was one of the better candidates. Yes it was extended, but the market had just opened, and this actually started a little weak on the day, and the overall market was pushing up, and there was a decent retest that I saw, so with all of those things lining up, I pulled the trigger.
Price pushed in my favor a bit, but pulled back and nearly stopped me out before pushing back up again. This got to roughly .5R when I put my stop to break even, and that’s largely because of the earlier pullback that almost stopped me out. Can’t go broke making money, so I wanted to lock in a break even.
Entry – $20.50
Target – $21.00
Stop – $20.38
R:R – 4.17
Entry – $20.51
Exit – $20.64
Fortunately, price continued to push up from there even more, so I was able to follow the SAR on the 3 min. chart, which is what I did until price reversed enough to stop me out for a little over 1R.
