Short play in LLY caps a nice profitable week for TraderHank

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Tricky Friday with the market testing the lows from yesterday and attempting to rally then rolling over again.  Hard to figure out which way were going which lead to my scratch short trade in XOM that finally went to its target as the market started to rally higher.  My next attempt lower was in LLY as price was breaking down as the market rolled over.  LLY triggered a little sell on the 5 minute chart but there was little void back down to it's prior base @ .84 cents.  Price retested the prior low and closed with a small green bottoming tail bar, negating any thought that price was heading lower. Overall, there was a big void on the 15 minute chart but price would have to break down below the .84 cent area before I felt a short would work.  The very next bar after the bottoming tail was a red igniting bar that took out the low of the bottoming tail and our .84 cent area.  I was short below this bar @ .74 cents with my stop @ .92.  Since I had a few more shares that I wanted as far as risk I covered a few at a smaller target @ .66 and soon my first target was hit @ .55 cents.  I had a longer 2nd target @ .29 but price put in another green bottoming tail COG bar and I trailed out of the play on the next higher bar. A nice little quick play resulting in a one risk unit gain, I'll take it on this Friday that caps one fine week of trading...

LLY 05092014
LLY 05092014

   

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