Shared by
singham_BOWS
Daily: rubberband snapback
Not much of a setup intraday, entered because it made lower highs in anticipation of breakdown. It squeezed higher after basing over emas.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-08-18 14:54:19 | BITA | sell | $81.540 | short |
| 2014-08-18 15:09:31 | BITA | buy | $81.660 | 0 |
Comments
lafljm_Bows
Stratasphere_BOWS This thing on the daily is screaming short with 10 days up. Singham I get what you were doing and I did it myself. Need to revisit tomorrow. If no serious setup for a breakdown this guy may just consolidate for awhile. I just don't see much left in it. Keep it on close watch.
Wes_BOWS
The trick with a play like this, though, is to not enter (unless you're very brave) until AFTER confirmation of weakness. Intraday chart on this was very bullish.
If it had broke down to levels of support around $80 (failing to break $80), then it would have been a clear entry point. But since this one ran past $80, it was a long play. But definitely only intraday, not an overnight play due to being so extended on the daily. Those whole dollar levels tend to be rather strong resistance/support levels, even more so on the tens of dollars.
Might be one to watch for weakness in the SPY, then see where it goes.
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I don't know why you took this as a short, I would have considered it a long. Looking at the 20 EMA and 20 SMA you can see the stock is uptrending, the 9EMA is sideways. I think you may have been thinking of a bear flag, when it was a bull flag.