MBI Trade on Jun 29, 2016 11:04 from Louie: Tradervue User Stock Trades.

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Louie

 

General Comment/s:
-Low floater + running and made a gap fill at 6.78. Really, really wanted a pullback for an entry to go long.
-ON the daily, the next resistance is +2 points higher so when the stock didn't give me a chance to enter at a better price, I decided to go long and just manage my risk tightly

Plan: (LONG)

Setup: Gap fill

SL: 6.7 (former area of consolidation)

PT: 7 (whole number)

Final thoughts:
-Whats up with tradezero's hotkeys? it automatically deleted my programmed hotkeys and now I made a mistake in entering the order. Got myself big in this trade! (used twice size as normal due to errors in trade entry)
-As I discovered I have a huge size, I told myself not to panic and just calm down. Need to manage my risk aggressively.
-Stock topped around the HOD (6.85) then started to make lower highs. The first drop was massive. The volume bar was more than the all the buyers combined at the run (uh oh too bearish)
-When it finally broke that important support at 6.8, all signs are leading to a pullback. I didnt wait to get stop out, I just exited the trade ASAP (got lucky that the stock broke 6.8 and upticked to take me out then dropped immediately)


Execution detail:

Date/time Symbol Side Price Position
2016-06-29 11:04:30 MBI buy $6.818 long
2016-06-29 11:04:31 MBI buy $6.800 long
2016-06-29 11:21:06 MBI sell $6.820 0


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