For me today's FMG trade was a ST bounce trade buying off...

For me today's FMG trade was a ST bounce trade buying off support at $5.20. FMG has been sold down heavily from $7.20 recently along with IO stocks generally and Dalian exhibited some ST support also. My expectation was a retraction back to $5.50 over the next couple of days.

When support failed with further weakness indicated in the chart was a signal that this was a failed trade. Best to get out quickly rather than hope it would turn around.

Would say it is subjective as most chart reading has an element of that but if YOUR reading shows the pattern failed then get out.