ONCY was a great runner this morning and I missed my entry off the initial pull back that held the morning high and further spiked but I figured as Mike always reminds us of is that IF a stock is truly strong there will be another opportunity so I sat and waited for the next pull back. The price pulled back into the VWAP area, 38.2 fibs lined up and the trade line was directly underneath as well. So with all of that lining up waited for it to hold long enough and took a tier 1 entry with Vwap as my risk but really wanted to see $1.70 hold.
It started to speed up and push so I through in an order for my Tier 2 add which I was now in full size.
Unfortunately $1.70 broke soon after and so did VWAP which is where I cut because I really didn't want to risk further loss after messing my avg by adding tier 2 so soon.
Things to improve on:
- Need to wait until the price action really shows strength again before adding my tier 2
- And I think I should be only taking trades that find support at a previous high or a key support area that shows on the longer time frame price action and then make sure all my other indicators line up for a trade.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-12-17 10:36:42 | ONCY | buy | $1.760 | long |
2019-12-17 10:37:37 | ONCY | buy | $1.728 | long |
2019-12-17 10:43:47 | ONCY | sell | $1.670 | 0 |
2019-12-17 14:31:57 | ONCY | buy | $1.810 | long |
2019-12-17 14:38:38 | ONCY | sell | $1.810 | 0 |
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