Tuesday trade - POT

This was my fastest profitable trade so far. 2.79R in 10 minutes is not bad. I traded this as a bear flag shorting at 104 and covering at 101.21 (initial stop at 105). The setup wasn't extremely clean but there was volume contraction and I liked how it was close to the 100 psychological support level. I think of major support and resistance levels as exhibiting gravity--they will often suck price down to its level. POT took a stab at hitting 100, but then the tape slowed, so I exited. In better conditions I might have been more patient, but with the choppiness I was quick to take profits. With the huge volume POT was seeeing today, the orders executed in about .2 seconds.

Setup:75