Shared by
singham_BOWS
Daily: bottom bounce
Intraday: day long consolidation
Entered when it made higher low and flagged above emas, size should have been bigger as risk was only .09. Another thing that could have been better is the scale-outs, need to be more patient.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-08-08 13:20:52 | YOKU | buy | $21.080 | long |
| 2014-08-08 13:29:08 | YOKU | sell | $21.160 | long |
| 2014-08-08 13:36:52 | YOKU | sell | $21.260 | long |
| 2014-08-08 13:44:01 | YOKU | sell | $21.300 | long |
| 2014-08-08 13:45:03 | YOKU | sell | $21.340 | 0 |
Comments
singham_BOWS
Sell half at 1R or higher, and partials on spikes.
I know 1R doesn't make it worthwhile, but I can't stop myself from selling when trade is moving the right way. I am striving for the first sell to be at-least 1.5R or higher.
Would appreciate your feedback on how to get better at selling, could you share your reasons to sell?
Alvan_BOWS
Mine is usually target related. In bull markets, on entries where i'm not running into any known resistance, I scale out in 1/2. But I get my 1st scale when I get to 2R. For example on a $5 entry with a stop at 4.95, I scale out 1/2 when I get to 5.10. Set stop at buy price, if I get stopped out I'm guranteed 1R. If price continues to run, I'll adjust my stop to nearest resistance. I usually won't scale out again unless it gets really extended, then I might take another 1/2 off. But mojority of time, I'm only doing 3 executions. When Clique would charge $1 fee for every buy/sell, i would spend a lot of profits in fees by scaling out too much. This taught me to let things run a bit more, and take bigger profits. As long as I get that 1R guarantee, thats all my goal is. Anything else is bonus. My goals are singles and doubles, very rarely will I shoot for that home run. But my PF is about at 2.4R using this method. But I also won't enter a trade unless I can get that 2:1 either.
That's my goal as well, to scale first half at 2R. Since the brokerage I use doesn't charge per order but rather per share, I sell on each spike. I like your suggestion on using resistance to formulate reason for selling.
Thanks for sharing your thoughts!
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Nice entry. What do you currently use as your "reasons to sell"?