Shared by
Mari_BOWS
Followed rules, profit.
Setup on daily: Rubber-band Short
Setup intraday: Pullback to 20 MA
Reasons to enter: price was close under MA-s and VWAP.
Concerns: none. While I was in the trade, I became worried of a Double Bottom forming.
Stop: $17.70 - above 20 DMA.
First target: $17.27 - previous low today.
R/R 1:1 - not good.
Looks like I was right about being concerned in the middle of the trade. I'm not sure what setup it is starting from 11 a.m. but it concerned me. I stayed in the trade thinking it might still be a Bear Flag and break down. I'm also thinking that in times like this I should perhaps close the short position and go long instead? I just noticed that a similar thing has happened to me with RGLS twice before. Rubber-band Short setup on daily, downtrend intraday and I was expecting a Bear Flag. Instead it went sideways for a while and started running up! Here:
Can bowsreview please give their thoughts on this? Thanks!
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-10-30 10:32:00 | RGLS | sell | $17.500 | short |
| 2014-10-30 10:41:00 | RGLS | buy | $17.270 | short |
| 2014-10-30 10:43:00 | RGLS | buy | $16.830 | short |
| 2014-10-30 11:50:00 | RGLS | buy | $17.430 | 0 |
Comments
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The flag after 11 AM is basically setting up a 123 pattern see how right before 11 it's like down under 17 real quick and then bounced then went sideways so now you're setting up the 123 pattern