This content details two successful short trades on EXCL executed by Brian from Bear Bull Traders, one at the open based on an opening range breakdown and another later in the day following a failed double top attempt.
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hey good afternoon guys it's Brian from
bear bull traders here it is Thursday
May 9th
I just wanted to go over traded it in
the room and then a trade I did after
and I was out and I was looking at some
this chart form and decided to take a
second trade on excl and that was one of
the ones I was watching at the open so
you can see here again it was a typical
opening range breakdown so here's your
support prior to the pre market 9:30
wait a few minutes or two just to see
where things are going and you could see
it started to lose this pre market
support right here right away
so got short and I know these things
tend to be snapping back lately so I
took some profits fairly quickly on this
one and of course it did snap back up
above this blue line which is the view
app and then it kind of just watched it
it just kind of cycled back and forth
here at one point I think Brendan said
it was a long and could have could have
gone long back up through the view app
here when it kind of made this little
double bottom and you know I like double
bottoms and I also like double tops and
this is what I saw later I saw this top
here which didn't mean a lot came down a
bit didn't get the view up but it came
back up here and tested this this prior
level of resistance which coincidentally
was pretty close to here and again it
failed and that's when I took it short
again and when you're taking it short
from here you know you've got a like I
said I love these double bottoms and
double tops you've got a pretty clearly
defined risk reward at least their risk
anyway you know if you're getting in up
here your your risk is if it goes a
little bit higher and you stop out
your reward is all the way to the
downside so I didn't get stopped out
here no though I thought it was going to
and then I just just blew down through V
WEP and covered down there so you know -
nice trades one of the open one on a
double top and and just an eventual
breakdown and I think it just stayed
weak through the rest of the day which
is what some of these gap donors are
doing but it's just taking them a while
to to resolve and I think it's may all
the shorts piling in and and then
there's a fight between the buyers and
sellers until until the sellers kind of
just take over so that was that was a
couple traits it did in the morning hope
everyone had a good day we'll see you in
the room tomorrow Friday TGIF
Brian a bear bull traders signing off
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