We've been waiting for a good entry to a HIBB short and this looks like it.
On the initial entry is an R of 1.33 but we can move our TP lower as price moves our way.
The bearish daily candle closed right on the 9SMA (just the script has it as 20)
*Remember to Keep short position sizes smaller than the plethora of long ideas available
On the initial entry is an R of 1.33 but we can move our TP lower as price moves our way.
The bearish daily candle closed right on the 9SMA (just the script has it as 20)
*Remember to Keep short position sizes smaller than the plethora of long ideas available
Comment:
This one came close to hitting target but bounced back. it happens sometimes so at this point just best to let the process take place to get the good RRR we're aiming for.
Comment:
This is an excellent example of when you have to just let the process work out. price did not hit target but almost did. Since trading isn't horseshoes or hand grenades, we won't ever settle for almost. Let the trade playout in this case it ended up being a loss but over a large enough sample size the decent average Reward to Risk Ratio will ensure profitablity.
Trade closed: stop reached:
Also, this looks like a nice re-entry position with our long term thesis still intact.