Broke rules, lost.
Setup on daily: PR Breakout
Setup intraday: Day-long Consolidation or a Bear Flag inside of it.
Reasons to enter: price was consolidating under 20 DMA. Also because Kunal had successfully shorted this stock before... stupid reason.
Concerns: PR Breakout, price was at 50 DMA support, S&P500 was in a strong intraday uptrend. Way too many concerns to take the short!
Stop: $2.90 - right above 20 DMA.
First target: $2.67 - at price resistance.
R/R > 2:1 - good!
Stupid trade on my part and just look at the long list of concerns.
Kunal shorted this stock before 11 a.m. in the 3.20's. His tweet said this stock is "always a fader".
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-10-30 12:38:00 | CDTI | sell | $2.800 | short |
2014-10-30 12:45:00 | CDTI | buy | $2.770 | short |
2014-10-30 12:59:00 | CDTI | buy | $2.810 | 0 |
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I made this mistake to. When a stucco sideways like this it starts to grind and it's a momentum stock we have to watch those EMA as it starts to flatten out that can be a telltale sign the stock is about to rip these momentum stocks have been doing that if you shorted too low and he just starts to grind the rip is coming in we need to flip long