Continued intraday trading on AMD. Today I only short selleing the stock three times. There were false breakouts and forced me to closed positions. However, overall still gain small profits from the trade.
9:48am: A large volume long bearish candle formed a minute ago. I entered new position with STO at USD44.28, I use the high of current candle as resistance.
9:58am: Two large bullish candles formed a few minutes later and eventually stock price closed resistance. I have to close position with BTC at USD44.50.
10:18am: This time I had to be more careful. No entry even stock price went below trend line. I waited until large volume long bearish candle formed at 10:16am. MA5, 10 and 20 were now going downtrend. Entered new position with STO at USD43.96. I used the high of previous large bearish candle as resistance.
10:19am to 11:05am: Stock price went downtrend and sometimes sideways or slightly rebound. As usual, I used the high of large bearish candle as resistance.
11:06am to 11:36pm: Stock price went sideways but never closed above the high of long bearish candle at 11:06am.
11:37am: Stock price closed above resistance with long bullish candle. Closed position with BTC at USD43.66. Stock price went down two minutes later. Obviously that was a false breakout. However, I was not able to know that during that time, I have to follow rules and close position.
11:46am: Long bearish candle formed and enter new position with STO at USD43.30. This was a risky step because this long candle had not completely closed below previous low. Use the high of this candle as resistance.
1:05pm: Stock price went downtrend.until 1:05am. Stock price closed above resistance after three bullish candles. Closed position with BTC at USD42.74. Stock price went down again few minutes later. Clearly another false breakout. But I am done for the day.
P/L: USD44.28- 44.50 + 43.96 - 43.66 + 43.30 - 42.74 = 0.64 (USD64.00 for 100 shares).