CVNA, 2024-06-18, Short
Updated
Context:
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Expected R (at full) 3.64
- Weekly - Resistance Zone @116.71/134.68
- Daily - Trend line breaks @ 2 points; Retracement back to "First Red"
- 1h - CHOCH structure with "Last Bar" as entry/stop range (2x ATR (near term) rounded as stop buffer)
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- Main Target - Weekly Support Zone @ 87.58
- Breakeven stop @ 97.85
- 2/3s Out @ 97.85 (Fib ext 0..618)
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Expected R (at full) 3.64
Trade closed: stop reached
Stopped out.---
Better?
I either discounted or didn't consider the breath of the move after the daily structure was created. These large swings are valid, but do carry more risk as the retracement is must move further into the preceding move.
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