My updated stop loss was hit 8 seconds after the open this morning. sold for 5.35. A loss of 5.35-6.30=.95*$400/pt=$380. Sad but better than the hopium strategy.
This doesn't invalidate any of the previous analysis, it's just alternative reality against the better odds. Anything is possible at any time. I think its part of why trading can be so captivating. Like a golfer always improving their swing, or a surfer always trying for the perfect ride. As long as the element of surprise and risk of a mistake are present, an endeavor can keep our interest.
So for this trade, we could break out of the current down channel and climb significantly to a AB=CD pattern, or reject off one of the 6 possible resistance levels I mentioned in the Update 1 post and start downward to the other side of the channel. Just have to watch and look for an opportunity.
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