JCI (gap up) (Fade)
This was a gap up stock but a bearish first candle which couldn't hold the previous day's high. The subsequent price action was weak relative to the market and sideways consolidation at low end of OR. This was our reasoning for a short trade.
Entry: 17.70 Stop:18.00
1R=17.40 2R=17.10 3R=16.80
We covered 1/2 at -0.5R as it showed some strength despite the market going down and left the rest to run. However it didn't do anything for rest of the day and we closed out at breakeven.
So overall a -0.5R result.
FLR (gap down)
Standard gap down which showed weak price action as we consolidated at lower end of the OR. The 5th is hanging man candle remaining below the OR. This coupled with market downturn was the trigger for our short on the next candle.
Entry: 44.76 Stop:45.35
1R=44.17 2R=43.58 3R=42.99
We took partial at 1R and then at 2R as it fell nicely with the ema. Overall a 1.5R gainer.
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