Play: ORB
Opened weak, ran into VWAP, unable to break above it, I got short. Didn't respect my first target of 4.25. Traded this out of fear as it was stalling at 4.30. Need to have target/stop loss mentality!! Bad discipline.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-09-18 09:41:36 | VVUS | sell | $4.350 | short |
2014-09-18 09:46:54 | VVUS | buy | $4.290 | short |
2014-09-18 10:13:25 | VVUS | buy | $4.330 | 0 |
I agree with you! My head was saying wait but watching every tick and how it stalled, my emotions took over. Discipline, discipline and discipline in follow the plan. And like you said, bring the stop closer to 4.40/39 and risk 4 cents to make 10, that is decent.
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I understand wanting to take some quickly. It seems lately that moves that look good can turn back on a dime. That said, in this case I would have looked at the gain to be too small and probably stuck to the 4.25 target and just stopped out. Although on an ORB like that once it starts to go I would consider moving my stop closer in as an ORB shouldn't pull back much once it breaks out.