Why I was short ISIS today. The importance of Pivots

KITE follows the same set-up, but in this post I am just going to go over why I had $ISIS on watch for today.

Here is what $ISIS hourly chart looked like after the close on 3/24/15

Notice the importance of this $68 level.

And 3/24 intraday chart zooming in a bit more

Notice this area is being defended end of day with a tightening range.  I had a good feeling if it broke 3/24's low there was some value in taking a short.

Here is how it played out today.

Firstly, wanted to congratulate my buddy Shyam Patel (theyoungtrader.com) for jumping in this trade with me and making a couple bucks.

1) Stock opens green, on a very weak bounce, not a lot of buyers here.  we take a short 68.25 on a green to red pre-empt.  Stock goes red and quickly flushes.  I cover some
2) Stock briefly bear-flags then pulls an ORB.
3) Stock tries to bounce, can't get over the 9ema and bear flags again.
       -I took the rest of my shares of at 65.47 after this bear flag break.
4) Stock bear flags again, this time with a much tighter range, I re-short at 65.20 with a stop right above the 9ema.
5) Another bear flag.
6) Finally around 1PM it finally bottomed, in the 62s, I will show on the next pic why this level held and why I took the rest of my shares off in this area.
But late day, we get another bear flag that breaks and makes new lows.

So in just this one stock we have 6 times we could have entered this stock.

Here is why i made the covers that I did and why each area was important.

Note-  Each white line represents a Pivot Point or an area of support from the hourly chart.