The entry is base on a tweezer like top which failed to move above the previous day high. The two candles that made up the tweezer like top is equivalent to a doji candle. A short position was initiated as the price moved below the low of this double pair candle. After the price has broken through the early pivot level near 350, a hammer candle was formed when the price moved below the multi-day support between 347/348 with slightly increased volume. The short position was covered as price move back above the high of the candle prior to the hammer candle.
(click on the chart to enlarge)
From further monitoring the price actions after the position was closed out, the inverted hammer followed the hammer along with very light volume after the inverted hammer seem to indicate some reversal buying that triggered some short covering. Most likely some of those buyers would have been shaken out as price broke lower before it reversed back up. This short trade yielded slightly less than 2R.
