It couldn't crack the 20dma. On the 5-min chart, it hit resistance and I shorted on confirmation (i.e. at least 2 candles) that it couldn't break above the 20ema. I wouldn've shorted sooner, but I also wanted to make sure it broke that base.
I only wish that I had scaled out on that second spike. I held out and set my limit order to 40.22, but the ask price never quite got that low. Manually exited before hitting my stop.
2/8: Mark was right. The daily is too sloppy. I got so caught up at the time with the idea of MA failures, that I got obsessed with basing my trades around them. Although this trade ended up working out, I would actually classify it as a type 3 now.
I'm adding the Type 1 tag just because this wasn't an impulse trade... it was a bad trade because of a lack of knowledge rather than a lack of self-control.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2013-12-26 11:55:39 | NTAP | sell | $40.410 | short |
2013-12-26 11:55:39 | NTAP | sell | $40.410 | short |
2013-12-26 11:55:39 | NTAP | sell | $40.410 | short |
2013-12-26 11:55:39 | NTAP | sell | $40.410 | short |
2013-12-26 13:27:51 | NTAP | buy | $40.310 | short |
2013-12-26 13:27:51 | NTAP | buy | $40.310 | short |
2013-12-26 13:28:28 | NTAP | buy | $40.310 | short |
2013-12-26 14:14:35 | NTAP | buy | $40.380 | short |
2013-12-26 14:14:35 | NTAP | buy | $40.380 | 0 |
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Daily is sloppy, i say pass!