Shared by
KeithL_BOWS
Popped up fast on ORB, but could not hold highs and started to show weakness, shorted for the flush. Scaled out early to lock in some profit and left the rest to run. Missed the sell off at the bottom because my target was 93 and had a limit order set there.. ....arghhh...held with setup and stop at buy price.
i reallllly need to stop doing that..LOL
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-05-28 09:32:09 | QIHU | sell | $95.090 | short |
| 2014-05-28 09:34:23 | QIHU | buy | $94.310 | short |
| 2014-05-28 09:45:50 | QIHU | buy | $95.050 | 0 |
Comments
KeithL_BOWS
Welllllll...i wish there was a scientific answer, but alas.. was a lucky guess. In premarket, it reversed at $95.50 and started to flush. I based the ORB action off of that. When it could not hold highs above that 95.50, i figured there was definitely some strong resistance there. I got in with that weakness and set my stop at 95.51. The bad things was, i got a terrible fill with my market order. But it did work out as planned. Once it was down that low, it was pretty much a certain thing it would flush. I regret not selling out at the bottom. I hesitated and then just couldn't pull the trigger to get out with a nice profit. I stuck with my plan and let the 1/2 stop out.
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Nice one and good exit (locking in profit and stopping at entry).
Question - What made you decide that it couldn't hold it's highs, and wasn't just flagging? I usually watch the L2, and sometimes that gives me a clue, but I sometimes get faked out by it too, so curious what made you decide it was reversing, since you nailed this one.