1MIN
30MIN
WEEKLY
Why I entered short:
- on weeklies BKS looks like death...looks like it's going to zero! It's breaking multiyear lows in an industry where it's getting killed by electronic delivery of books.
- persistent downtrend on all time frames
- resumed downtrend on 30min time frame
- i looked to short on break of the consolidation on 1min time frame looking for follow through to prior lows.
- Clearly measurable risk/reward setup. Initial risk at 11 cents away just above the first lower high. Reward was 16 to 30 cents. Due to my subsequent add at 9.11 had the stop lowered to 9.15(right above the descending vwap) after what seemed to be a break to the downside at around 11:35am to 11:40am..so risking just 4 to 6 cents to making 16 to 30 cents.
Why I exited the short:
- After it failed to make a clean breakdown at 11:35 to 11:40 am, it showed resiliency at the 9.05 level. I decided to get out full position at 9.11 with a small scratch.
- Also, it was taking very long to break down.
- It turned out to be the right move since price later zoomed to 9.26 and closed strong into the close.
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