Shared by
tombro
Entered on Pullback to 9ema and trendline, stop under VWAP @ 14.74
Had earlier tried to get in between 7:20-25 for 14.66 and 14.74 but missed it and didn’t want to chase further
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-11-25 10:47:57 | SGMS | buy | $14.810 | long |
| 2014-11-25 10:52:16 | SGMS | sell | $14.740 | 0 |
Comments
tombro
Nape...I'm just trying to get clarity here...How is my trade different from the 2nd one listed on this trade in the 9ema pullback section in the setups folder:
http://screencast.com/t/UByQE6dljGY
I entered on the pullback itself with the thinking that I could have a tighter stop rather than waiting for confirmation of it moving up away from the MA.
Or do I have to wait for this confirmation? I thought I saw Kunal enter early before confirmation happens on trades, but I may be misunderstanding this.
Thanks for your help!!!!!
Nape_BOWS
What's up Tombro. What I'm saying is when a stock pullback let a few candles consolidate before jumping in the trade. It's not easy trying to time the bottom on a stock. If you let a stock pullback and consolidate then you are minimizing the risk by letting the stock build price support creating a better chance for you to make money. This is what I mean..http://screencast.com/t/bVQ8nHuiZTpw
One more thing about this stock. It is up 4 days in a row on the daily chart. Usually after the 3rd up day you have to be cautious about taking day trade in the stock. Momentum starts to fade and the stock needs to consolidate again to work off the overbought condition for the next move higher; so just be cautious when stocks are up multiple days in a row when thing to go long on a stock.
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No setup. Stock never did base and setup. All it did was pullback. Not a reason to buy.