Quick update on yesterday's $MUBARAK setup because the market definitely didn't give us the entry 😂
We were looking for $0.0395 to $0.0415 but price never came back there and instead kept pushing higher, eventually printing $0.06165. So I'm not counting this as a winning trade or anything like that... no entry means no trade.
Now I'm looking at it differently. MUBARAK has pushed straight into the monthly resistance area around $0.0555 to $0.0585 and we've already seen a rejection from $0.06165. If price comes back into that resistance and sellers show some strength again, I'll look for a short toward $0.0505, $0.0444 and potentially $0.0395. Stop Loss around $0.0630.
But if it starts holding above $0.06165, I'm leaving the short alone. After a move this aggressive I don't want to be the guy forcing a trade just because the chart looks overextended 😭
#MUBARAK
We were looking for $0.0395 to $0.0415 but price never came back there and instead kept pushing higher, eventually printing $0.06165. So I'm not counting this as a winning trade or anything like that... no entry means no trade.
Now I'm looking at it differently. MUBARAK has pushed straight into the monthly resistance area around $0.0555 to $0.0585 and we've already seen a rejection from $0.06165. If price comes back into that resistance and sellers show some strength again, I'll look for a short toward $0.0505, $0.0444 and potentially $0.0395. Stop Loss around $0.0630.
But if it starts holding above $0.06165, I'm leaving the short alone. After a move this aggressive I don't want to be the guy forcing a trade just because the chart looks overextended 😭
#MUBARAK
