Upwork seems to be back in price discovery phase. @Magaly i would be interested which kind of support and resistance lines you are seeing and how strong they are.
My objective would not be selling but potentially reducing the position by some degree at the right level.
There seems to be a level forming in the 15.5-16 price area, which seems to have been respected today very strongly. I could see price moving in that range for a while 13.5 - 15.5, as long as the overall market don’t have like a big move in either direction.
After that 18.5 - 20 looks good too, and then maybe 24.5, not sure it will get there soon.
Upwork respected very well the 15.5 level, and it broke to the downside the 13.5 level. There is not much support after the current price due to the huge gap in the last earnings.
I wonder when Upwork will finally break its resistance… 
Maybe this time is the time, but who knows…
If it breaks, it could cause a big move to the upside, as some strong resistances usually cause strong moves after they break, and after consolidation too.
Strong rejection of the level again, with a false break out intraday.
It would have been a good trade in lower timeframes, but I don’t trust the level anymore because it has been touched a lot.
Yes probably hard to trade. A trader could have easily run into the false breakout trap, and after it retreated back below resistance, it would not be easy to know that it would indeed stay there and would not reattempt a breakout.
I actually like the trade set ups that false breakouts offer, because after the liquidity sweep to take out all the stop losses above/below a level. There is a higher chance that the price will go lower/above the level once again for a period of time absent any important news (as it happened today), is like a known trick played on retail traders. You can see it better 5/15 minutes time-frames too.
I also don’t like to trade using only 1 day candlesticks. I would only use them for guide.
