It looked like a nice flag after initial gap up. Didn't work. Did I read it wrong or was it just a pattern that didn't play out?
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-08-07 11:39:59 | FEYE | buy | $32.030 | long |
2014-08-07 11:48:54 | FEYE | sell | $31.910 | 0 |
Just like you would look for a intraday setup; you also have to have a daily setup if you want the stock to move clean. Make sure you are aligning your trades on multiple time frames.
I agree with the previous two comments. You should do a scan and find stocks that have setups on daily charts and then you look for an entry in those stocks on a 5-minute chart. In this case it looks like you took a random stock with no setup on daily and traded a random "flag" that you found on a 5-minute chart. This stock is trendless too, so you can't really expect a positive outcome.
Good points, I'm learning so much for all the comments, really appreciated!
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Again there is no setup on daily chart.