Shared by
tombro
I actually was sitting there watching the 10:40 breakout, and was ready to enter 100 shares, but I was't mentally prepared to work it. After watching it I feel more capable for next time, and know to "Take quick partials!"
This Trade:
Setup: FLAG. Stock had flagged down in a succession of bars with lower or equal highs, coming down to the 9ema, until 11:30 when it made a higher high and I entered at 81.30,
Where are EMA's: Price on 9 ema, the 20 is under
EMA's-Direction & details: EMAs are up, 20 trying to catch up to price due to gap
Time Frame Alignment:new highs on huge volume
Volume:good
Market action-Spy-Sectors-stock:Hugh gap up
Stop: Stop 80.17
Target: Target 83.96….Target Hit, Stop moved to 81.95, Target 84.98…Stop hit
R/R: 113/266
Are Stop/Target proper:Y
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-12-09 11:31:55 | BLUE | buy | $81.300 | long |
| 2014-12-09 12:01:36 | BLUE | sell | $83.960 | long |
| 2014-12-09 14:07:36 | BLUE | sell | $81.950 | 0 |
Comments
tombro
Thanks man. You are absolutely right. I was getting impatient.
I look at this now and see that it was consolidating in the upper part of its range for the day, even in spite of it's massive morning gap.
So no one was really interested in selling yet.
Even as a possible worse case scenario (just trying to think thru how I would have traded this if I had stayed in...) If I had closed this trade at the 12:30 low instead, because I wouldn't want to carry it overnight, I would have increased my return on this by around 28%. Right now thats around $39 bucks, but when I begin trading larger, it could be 200-400 dollars or more. If I make the same mistake once a month.......
So thanks Ben. I really appreciate you input!
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Your entry was good but your stop was not. Good job taking some profit quickly, but had you set your stop at the buy price you would've made more later on selling near the end of day as your stop wouldn't have been hit for the remaining shares.