MPO Trade on May 16, 2014 13:46 from johnc_BOWS: Tradervue User Stock Trades.

http://imgur.com/DVNUMK7,LjsG4EZ,Qg6BPbq,yVCMcgE,5i4ZyvH,MQhFNHN,BsJbyqg,u8iGhJn,973FjFb,Q2Oc7Ss,mfQyBal,e5AGota,byXbstH

I got too caught up on the descending trendline. The key level here was 6.18, not 6.16. Often, the descending trendline on daylong consolidations will be valid, but a resistance level that has failed multiple times needs to be overcome.

In MPO, price only failed at 6.16 once. If there were multiple attempts to get above 6.16, then 6.16 would have been a valid level.

Lastly, volume was drying up and did not pick up at the time of my "breakout" area. Daylong consolidations are best when volume starts to pick up right around a breakout area.

Execution detail:

Date/time	Symbol	Side	Price	Position
2014-05-16 13:46:24	MPO	buy	$6.166	long
2014-05-16 13:50:47	MPO	sell	$6.070	0

#chart1 { background-image:url('/shared/charts/pricechart?symbol=MPO&trade=1002490&end=20140615&i=d&TimeRange=120&Volume=1&ChartType=candlestick&width=450&height=275');}

#chart2 { background-image:url('/shared/charts/pricechart?symbol=MPO&trade=1002490&end=20140516160000&i=m5&TimeRange=90&Volume=1&ChartType=candlestick&width=450&height=275');}

#chart3 { background-image:url('/shared/charts/pricechart?symbol=MPO&trade=1002490&end=20140516160000&i=m15&TimeRange=90&Volume=1&ChartType=candlestick&width=450&height=275');}

#chart4 { background-image:url('/shared/charts/pricechart?symbol=MPO&trade=1002490&end=20140516144847&i=m2&TimeRange=90&Volume=1&ChartType=candlestick&width=450&height=275');}

MPO Trade on May 16, 2014 13:46 from johnc_BOWS: Tradervue User Stock Trades.

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