Shared by
Camglinton_BOWS
I thought this was a flat top breakout, but then it reversed... Can you please tell me where I went wrong? I placed the stop right below.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-11-26 14:48:44 | GME | buy | $37.320 | long |
| 2014-11-26 14:48:44 | GME | buy | $37.320 | long |
| 2014-11-26 14:48:44 | GME | buy | $37.320 | long |
| 2014-11-26 14:48:44 | GME | buy | $37.320 | long |
| 2014-11-26 15:00:39 | GME | sell | $37.240 | long |
| 2014-11-26 15:00:39 | GME | sell | $37.240 | long |
| 2014-11-26 15:00:39 | GME | sell | $37.240 | long |
| 2014-11-26 15:00:39 | GME | sell | $37.240 | 0 |
Comments
Camglinton_BOWS
2014-12-02 16:41:59
Yo tombro! Can you drop me your e-mail? I've been appreciating the feedback both you and Nape have been giving me. I would be interested to hear about where you are at, and what your go-to set ups are?
tombro
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Well, I don't have the definitive answer, but according to the book(pg52) point 3 is - "Alignment on multiple timeframes" This stock TANKED 4 days ago and the area of your entry @ 37.30 represents an area of a lot of chop during the last 4 days. I think for a stock that has tanked like this you would more likely be looking for a 1-2-3 reversal, or a base breakout, but I think at this time the stock may need more time to work itself out.
All the examples of FlatTop Breakouts in the book are for stocks at their highs. You might look online in the setup section and see what the flat top breakouts look like there
But then again, I'm just trying to figure this stuff out too :)