Shared by
silverholden
Entered on daly flag on nice intraday consolidation. Was not expecting any action as quick as it happened, when it broke up towards 20 I should have taken some off but did not. Added on the pullback, and then got blindsided by the drop. Should have had a hard stop set.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-07-17 10:23:45 | TOUR | buy | $17.950 | long |
| 2014-07-17 12:27:00 | TOUR | buy | $18.990 | long |
| 2014-07-17 14:26:45 | TOUR | sell | $17.000 | long |
| 2014-07-17 14:26:45 | TOUR | sell | $17.000 | 0 |
Comments
silverholden
On a longer timeframe, I was looking at the flat top that was setting up around 19.50. This area had been tested a few times, and I was just looking for an entry that worked for risk/reward. Also had good recent price support at 17, so I was looking for something at 18 or less to give me a target of 20 and stop at 17. A buddy tipped me that it was flat around 18 after a morning dip, so entered there as there is good support/resistance at the 18 level, and I took the flattening that day to indicate that it was working through the resistance since it did not get rejected for some time. It was basically luck of the draw that it ended up popping to 19.50 that day, as I was not expecting it for a couple of days. And obviously I was not prepared for that or the strong pullback.
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Great entry! What made you want to get in on your first entry?