When I got to the chart, we had a small and weak bull leg up after a massive overnight gap — about 61 points. A strong bear leg followed, and then the bulls made a second leg up, shaping into a trading range. When we got a strong bear bar at the top of that range, I entered short, aiming for a move back to the range low.

My initial targets were 5 pts., 10 pts., and 15 pts. across three contracts. But since the 15-point target sat right at the range low, I moved it down to 10 pts. In hindsight, that was a mistake. The move down broke the range cleanly and took a nose dive — could have been a huge runner if I had held on.

After that big drop, the market didn’t pull back for an entry at all — no way to join the move.

Eventually, prices reversed back to the EMA. We got a strong bull bar that was instantly reversed by a bearish bar. That bar had a tail at the bottom, so I waited. When the next bar formed as a clean bearish follow-through, I entered short, expecting a retest of the lows from the earlier selloff. One concern was the tight bull microchannel and the chance of a second leg up, but I was betting that the earlier selloff was strong enough that the bulls wouldn’t get it.

I went for 10 pts. on the first contract and 20 pts. on the second, and both targets were hit.

Prices then made a new low and stalled. After some time, the bulls tried another reversal, but it looked weak again. Hard to trust a reversal after this kind of move, and the bear trend was also losing steam — not great context. So I wrapped it up there.