Trader's Logbook

Last January 22 we thought we saw Double Bottom on ACR?which prompted us to take position. Yesterday and today it rallied but it looks like it is about to reverse following the Shooting Star candlestick pattern. Although our candlestick today is green and Shooting Stars have a low reliability, we still need to be careful. Some of us should have already took profit yesterday or this morning. There is a gap between yesterday and today, let us see if it will be closed immediately.

The Shooting Star tells us that the market opened near its low, then prices strongly rallied up and finally prices moved down to close near the opening price. In other words, the rally of the day was not sustained.

Caveat!