Trade Journal: Short $GSX - Inside Day/Support Failure - 4/6/20
Updated
Friday, GSX experienced heavy selling throughout the day with a nearly 15% drawdown by the end of day. Throughout the bear market, GSX has been resilient and is considered relatively strong compared to other sector stocks. This changed however when GSX clearly broke a support level at 34.50 on heavy volume Friday. Despite the bullish price action in the markets, today's inside day candlestick reflects the continued selling in GSX. This is an very opportunistic time to get short GSX for a possible flush on low risk.
The 30m timeframe also reflects the bearish price action in GSX as price broke below and rejected the support at 34.50.
Entry - 33.78
Stop loss - 35.04
Target - 25
The 30m timeframe also reflects the bearish price action in GSX as price broke below and rejected the support at 34.50.
Entry - 33.78
Stop loss - 35.04
Target - 25
Note
Wow GSX at 28.45 afterhours. This is turning into a KILLER short! I plan to take partial profits in the morning tomorrow.Note
Took off 1/4th at 30.40. Moved stop loss to 32.85. (Prior lower high)Trade closed: stop reached
Got stopped out this morning at 32.90. Looks like GSX might retest the breakout area. I'll keep watching, might be an area to re-add on Monday.Trade active
Re-shorted GSX as it looks like it is clearly retesting and rejecting the 34.50 resistance. Entry - 33.25
Stop loss - 35.04
Target - 25
Note
Took off 1/4th at 29.80. Moved stop loss to 33.50.
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