X Doesn't mark the Spot

X was a stock I was tracking for a while.  I thought it was setting up for a decent entry for a reversal as it would fight to retake the 50MA.  Yesterday's action showed action that was typical of a reversal action. Today X started trading up so I bet on the M/R  reversal thesis. My stop was at the days low at that time. ... didn't happen X began selling off and I took a small loss

Entry: 37.28

Exit: 36.46  - .5R