Shared by
Markmandy54
Daily tight flag. Long the P/B to rising 9EMA and B/O of intra flag. Stop -.50, Target +1.25.
Stopped on P/B to low of day and then bounced for loss.
LESSON: CHOPPY MARKET = SHAKE OUTS, WHEN RESETS UP, TAKE AGAIN.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-05-27 09:59:37 | ANIK | buy | $46.550 | long |
| 2014-05-27 10:09:22 | ANIK | sell | $46.060 | 0 |
Comments
Markmandy54
Ya, has been looking great for weeks but just hasn't gone yet. I bought off a P/B to the rising MA just slightly above the intraday B/O area so was comfortable with the buy spot and it was confirmed as it bounce right after my entry but couldn't sustain. I put my stop right under the flag B/O that i got long on and was stopped to the penny, lol.
Totally agree with if it retraces 100% of the move, most time it fails.
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You had the right idea on this one. but I would say you were early on this one. You bought the stock on a very big red candle on the 2 min... That tells me that there might be more room for it to keep falling. Seeing that - the better entry point was the same price but 6 candles or so later. When I see a stock give back 100% of the last move that it made (which this one headed to), it makes me less interested in the "pullback" play. I like to see more of a stair step pattern, like maybe it gives back 30-60% of the previous move it made - that has given me a high percentage "pullback" play