The market bounced really hard because of the surprise news by the Feds. They cut the price in order to make sure the US economy does not get affected too much by Coronavirus.
I jumped in this trade as soon as I saw the market rip. Clearly it was the FOMO trade that worked out well.
There was a bit of a pattern there too as the price bounced of of pre-market lows and left a bottoming tale on the 1 minute chart. The price rested the next minute and it was a good long entry at the break of this resting candle.
I took a different approach on this trade.
The price was going lower and then it pivoted and made a higher low and instead of getting in long at the break of the pivot, I went long at the fist candle that made a new high after the higher low pivot.
This gave me a little bit room to partial out of my position and surprisingly it did not break the high of the original pivot and I stopped out at breakeven on the rest of the shares. The price was holding up 21 EMA but it just did not work.
This was a quick trade but wasn't a good trade.
The price was stuck between a short range between pre-market high and a level that I marked of of daily.
Also the price was almost running into VWAP, 21 EMA and pre-market high resistance so this is why going long here was a bad idea.