Shared by
d_zimmy_BOWS
Switched from a short position to a long one due to the sideways action. Also thought maybe a squeeze as shorts cover before the weekend. Should have stuck with my original short position.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-11-21 15:19:08 | CANF | buy | $5.090 | long |
| 2014-11-21 15:19:09 | CANF | buy | $5.090 | long |
| 2014-11-21 15:19:09 | CANF | buy | $5.090 | long |
| 2014-11-21 15:29:02 | CANF | sell | $4.900 | long |
| 2014-11-21 15:29:03 | CANF | sell | $4.888 | long |
| 2014-11-21 15:29:03 | CANF | sell | $4.895 | 0 |
Comments
bbango_BOWS
i agree that the daily was very extended so going long is risky, but the intraday setup had 3 nice setups in the morning. First was a multi day long flat top break out, the 2nd was a quick pullback buy to vwap and 3rd was an intraday flat top/flag break out for a quick scalp.
Once it topped out and broke the trend line, that is your reason to sell and become negative and it dropped below vwap (blue dotted line). Your entry looked more of a bear flag as it retested vwap resistance and failed. Because it was guilty at this point, a pop above vwap would have given confirmation that it's innocent again.
Also on the daily you had a price resistance high back on july 10th.
kunal00
Hey this'll come with experience. But when you get a stock that is in a rubber band set up on the daily chart and it finally has a late day crack all the bounces have to be shorted as the rubber band set up has been confirmed
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I see your intraday setup but the daily chart is to extended to go long. Already up big 4 green candles in a row from $2.50, so trying to go long will be risky at this point.