Shared by
jmos_BOWS
PLAY: ORB
Stock was strong yesterday so was long bias but when unable to go green after a big push and volume showing weakness and broke support on 1mn chart, got in as it couldn't hold. Sold according to plan which is 1/4th towards LOD. Learnt my lesson from yesterday where I had sold too much too fast. Sold in flush and sold at the end of day when it finally broke support. A little pissed as I waited all day for it to break 12.20 and all I got was 5cents more when I wanted to wait for close to 12. Lost patience on that one as it took forever and had no volume. Follow plan and be patient!
Reasons to sell: Flush, LOD, targets
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-11-26 09:48:02 | LAKE | sell | $12.800 | short |
| 2014-11-26 09:50:54 | LAKE | buy | $12.670 | short |
| 2014-11-26 09:51:18 | LAKE | buy | $12.500 | short |
| 2014-11-26 10:36:52 | LAKE | buy | $12.320 | short |
| 2014-11-26 15:38:36 | LAKE | buy | $12.150 | 0 |
Comments
jmos_BOWS
tombro
Guys...maybe i'm wrong but I disagree from this aspect... The play is ID'ed as an ORB. The ORB as described on page 115 of the book says it must consist of 2-5 minute bars. At the time of entry the only breakout from an opening range is to the upside, but it doesn't meet the definition of a tradable ORB, because in this case it would be to the downside and that hasn't happened yet.
Just sayin....
I'm glad it worked out for ya tho, and as I said to ToddM when he mis-ID'ed a red to green play, If this works for you, Great, cuz as Bella over at SMB says, ya gotta find the trades that work for YOU.
I'm just workin on my own trade disciplines so Nape won't have to keep spankin me:)
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Excellent!!!