One Good Trade – Week of 4/22/22

FB 22-04-22 Trades
Entry and exits of FB Trade on April 22, 2022.

I liked FB on Friday morning for continuation and potentially making a new low below the last 2 month range. QQQ had closed the previous day below the range it had been in the last 2 weeks, and FB was providing an adequate gap up to give plenty of room to run to at least the previous day's low around 185.

FB Daily Chart heading into April 22, 2022
FB Daily Chart heading into April 22, 2022

I did not get the best entry, as FB went 1.5 points higher after my short. The high touched the line of resistance dating back to the previous day. I should have recognized that, and waited for entry on the 1 minute chart with the first candle close below a previous close/low. This would have been an entry about 2 minutes later, closer to 192.

I took profit on half my shares at 190, in case the psychological round number were to hold. From there, it was an easy to trade to manage. I took small profit another point down, then my next profit just above the previous day's low. It didn't crack much lower the rest of the morning, so I ended up taking half of my remaining shares around 185, and then was able to lower my stop on my final portion, which was hit later in the afternoon.

FB 5 Minute Chart
FB 5 Minute Chart for April 22, 2022