We Were Wrong

The strategy was simple: long Coinbase $COIN above the May lows while cutting our losses below there.

And, lo and behold, it took out those pivot lows. Like any responsible trader using good risk-management practices, we took the loss on the chin and got out of the position.

We were either plain wrong or got the timing off on the trade, so we stuck to our plan and obeyed the price action. We thought the stock was good for a bounce.

But, clearly, COIN had other ideas.