Shared by
tombro
Not a Long Setup.
The thought that I should be shorting this went thru my head when I entered this, but I also had the "feeling" that these oil stocks are oversold.
I should kill that kind of thinking especially in regards to resource stocks subject to pressures I don't really want to take the time to understand-if that's possible.
After gapping down(to new lows btw) CLR made a high for the day with the biggest volume of the day on the bar previous to my entry.
I entered totally not seeing that this was the area of previous day's low(resistance)
A dumb trade I shouldn't have taken.
Where are EMA's:Below entry
EMA's-Direction&details:9 had curled up, 20 down
Time Frame Alignment?:consolidating after20+% gap down and move lower. near 52 week lows
Volume:vg
Market action-Spy-Sectors-stock: energy stocks are in the toilet & very weak
Stop:Stop below entry bar at 39.06,
Target:1st Target 40-ish, (this is wrong…@ best 39.75 @ yesterday's close)
R/R:1.5 to 1 so not great
Are Stop/Target proper?: no on bot. Target too high, stop - arbitrary
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-12-04 10:06:48 | CLR | buy | $39.410 | long |
| 2014-12-04 10:19:04 | CLR | sell | $39.060 | 0 |
Comments
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No setup there when you got in. The ema's are still on top of the candles. You want your moving averages to flatten out and coil up for a long position