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Shared by
jdtheentity

 

EOLS

May 22, 2020 11:33


Tags:

paper money day trade Strategy - Pull Back Stock Scan - Hammy the Bull Risk Mgmt - Yes P/L Ratio Followed - Yes Account - Margin

Why did I take this trade?
I wanted to get back on the train after I was kicked off! Yesterday I sat and watch another trade rip another $2 after my initial exit. FOMO thought I was making a sound decision tho. price was starting to consolidate and in my opinion "building strength" so it could bust back through $6.
What did I do right?
stop loss was in place.
What did I do wrong?
I did not check higher time frames to get a bigger picture of what was going on. Got caught in a bear flag. The other thing I did wrong was take what happened in yesterdays trade and applied it to this trade.

Target - $6
Support - $5.18
Resistance - $6

Notes
price is consolidating at 5.30. pull back on the 5m to the 20ema. My thought is price is building energy to bust through the $6. Ive seen this b4, that does mean it will happen this time but it looks like it due to the momentum price had on the ride up

got stopped out

I should have went with my 1st thought when price got over $6. I should have flatten out then and waited. I saw this yesterday where price got to whole dollar and danced on both sides for a while just like its doing now

patterns defitnitly repeat

I need to frequently check higher time frames when price action slows down, if I had checked the 15 and 30 I would have seen a bear flag developing


Execution detail:

Date/time Symbol Side Price Position
2020-05-22 11:33:40 EOLS buy $5.290 long
2020-05-22 11:51:46 EOLS sell $5.050 0


Comments

Gravatar jack8031
2020-05-24 08:43:57
 

At least you know where you went wrong,in heat of trading same mistake I rmake.Good analysis though.

2020-05-24 12:25:41
 

Thx for the comment jack8031. Got to get em next time around!

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