Shared by
jmos_BOWS
Play: Triple tap/Bear flag
Stock gapped up but was weak, let it form a lower high to confirm trend as it was unable to break down some more near 4 level. When it broke the trendline and started going, I got in for the flush. Never reached first target but did expect a flush so i put my stop at buy price as it means someone was holding it up if it was going to bounce back that far.
Reasons to sell: buy price
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-12-03 10:35:25 | MOLG | sell | $4.020 | short |
| 2014-12-03 10:43:46 | MOLG | buy | $4.040 | 0 |
Comments
Markmandy54
jmos_BOWS
Once again, I can't argue with you guys but the way I like to trade these, if I am enough in the money, and it comes back, is to get out (especially in this situation) because i am looking for some type of panic around round #, triple tap, ect..the bigger mistake was not re-entering around 11:25 and around 3:30pm but both of you are right that my stop should have been above 4.20 and should have just been patient
Nape_BOWS
Hey Jmos the best way to play this was to short the pops instead of trying to short it at the bottom as you can see every pop was getting sold off; so it was a small adjustment you needed to make in order to nail this trade.
I see that..How do you know when to short the pops though? I feel I would always be chasing the entry or be too early and stopping out?
Lower highs so shorting the pop or waiting for the breakdown are the two lowest risk/highest probability entries as opposed to in the congestion zone.
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Patience was key with this stock..http://screencast.com/t/yqveSo4e