I've been on a roll again lately, my last losing week was the last week of April. My goal is to be profitable daily, which leads to profitable weeks, then months. My focus is just the daily part, the rest will take care of themselves. As mentioned before, this week as been a struggle and I had a small loss going into Friday so my goal was to find one good play and shut it down. I had found several good looking plays setting up, but finally I picked on JOY which I had found on my 9:45 am wide range red bar list. Price action had actually gaped down then sold off hard leaving a huge red candlestick on the 15 minute chart. At 10 am reversal time JOY looked like it was setting up on the 5 minute chart for a short but the chart put in a RBI which is not good and usually can lead to a measured move to the upside. You can see on the chart that after the RBI long traders piled in long on the very next bar. Finally at around 10:30 am reversal time a doji style narrow range bar appeared on the 5 minute chart. My entry would be just below the Doji @ .41 cents with a full share size. Now I was a little hesitant about the play but since price had stalled after watching the longs pile in after the RBI I figured that the bulls had ran out of gas. My next concern was the RBI which is now an area of overlapping bars and would be an area of mS and as you look at the chart you can see that price did bounce off this area to retest the prior pivot high before rolling back over. But finally I got the breakdown that I was looking for and price started to move lower. My original target was .11 cents but I just covered the entire position as a small green doji style bar closed on the 5 minute chart. Price did hit my original target, but covering at .19 cents made the week green and that is all that matters on a very challenging week of trading.
