This trade pretty much exemplifies my experience with the market over the past few months. Very promising B/O and then complete failure of the move. I saw the weakness and got out. Not fast enough to preserve the 4R profits I had on Friday but I got out with a 1R profit nonetheless.
Exit 1: 104.03
Exit 2: 102
Exit 3: 101.19 1R
There's been a lot of talk by some self-proclaimed guru about how great his call on PANW. Wait for confirmation at 101-102 and you have a 90% success rate. Except you don't. In this market environment, such an approach does not work. There is no continuation. I made money here because I anticipated the breakout and then sold into it-- I should have sold more on Friday-- but this is how you make money in these types of conditions.
How do you anticipated a breakout? It is not that difficult. Find strong stocks. check the trend intensity and buy them while they are quiet.