Shared by
Mari_BOWS
Broke rules, lost.
Setup on daily: Rubber-band Short
Setup intraday: Kunal's Tweet
Reasons to enter: Kunal's Tweet and getting a better entry than Kunal.
Concerns: none
Stop: $16.55 - right above 20 DMA.
First target: $15.85 - previous low.
R/R 2:1 - good.
I was watching this stock in the morning and waiting for a setup to form. I was also checking Twitter and saw that Kunal had just shorted this stock at around $16.10. I was so happy that Kunal happened to watch the same stock as me, because it confirmed that I had picked a relevant stock. The stock price was up at around $16.30 and I thought since I will get a better entry than Kunal, it must be a good idea to take the trade! I didn't know what the setup was, but I thought Kunal might be seeing an Opening Range Breakout there. I am not practising this setup myself. Instead the stock broke to the upside and raced through my stop market order. Lesson learned!
After I got stopped out, the price went from red to green. I wonder if Red-to-Green is a valid setup in combination with this kind of Rubber-band on daily?
Two other similar trades in RGLS:
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-10-27 10:00:00 | RGLS | sell | $16.330 | short |
| 2014-10-27 10:16:00 | RGLS | buy | $16.770 | 0 |
Comments
Mari_BOWS
kunal00
Once the stock starts to grind sideways in flattens out once you see your moving averages also start the flatten you got to get out and sometimes get the flip it long if the stock is a real momentum play
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Kunal probably shorted this on the 6th candle anticipating that it will break below range of opening candle, and then flush. Once it didn't break that earlier low it looks more like a bull flag, when you align that with the daily that is on third day of upward momo following pr, I don't see why it's valid anymore for a short. Just my novice 2 cents...