Feb 2, 2010 Trade
This trade went well. It was a short. Image shows 2m & 5m charts. The setup was a wide double top on the 5m with each top also having a double top consisting of two bars.
I shorted the second top. Aggressive trade because of the uptrend still present at that time.
Additional components of the setup were the 2m NYSE TICK was downtrending, the purple line overlayed on TICK is the Advance Decline line and it was downtrending also.
Exit reasons were the support area of the 2m base was holding, the bars had bottom tails, three red bars in a row was lowering odds of a fourth and NYSE TICK was at a location from where it bounced earlier.
Chart is from TradesStation platform and the green line between the 2 arrow heads shows that the trade was a gain.