Shared by
singham_BOWS
Daily: flag break
Intraday: triple tap break
Entered on third tap at 21 in anticipation of day long consolidation break, exited when it broke below emas.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-06-17 14:29:44 | WB | buy | $21.000 | long |
| 2014-06-17 14:41:36 | WB | sell | $20.811 | 0 |
Comments
singham_BOWS
2014-06-17 20:23:02
Appreciate the feedback. You are right in that risk is lowered getting early into the pattern. I was actually looking at 20.80 level earlier, but passed because of chance it might rollover. Although risk was higher at 21, I thought there was some confirmation. Your strategy does make sense, will try to implement it because my success at FTBOs is about the same or lower.
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Looks like a good setup, coiled up under resistance, bottom coming up - just didn't work out. I sympathize - I fail at intraday FTBOs at least 60% of the time.
I'm not sure if this will help, but one of the things I've learned to do to help offset my low probability with these is to try and get into the play a little lower (towards the bottom end of the range below the resistance level); when I do that, I don't lose as much if it fails - and I make a little more if it does break through.
For example, on this one, I would have probably tried to find an entry somewhere between 20.80 and 20.85. It still would have failed, but I might have only lost about 5 cents - or felt comfortable riding it through to the next tap (and maybe even getting out with a small profit around 20.90 if the next tap failed).
This style was hard for me to get used to, but since I've adopted it, I've cut my losses on moves like this that I have a low probability on. And that allows me to still try these plays regularly and get in on the occasional big move without killing my long-term profit.