Shared by
tombro
The first trade of a painful day.
First off, I had a decent day yesterday-so was concerned about a relapse, and was kinda "hoping" to trade respectfully today. Well, "hoping" in this realm is kind of a dirty word,
and the "respectfully" didn't happen, even tho I ended positive for the day. More about that on this and the other trades.
I was thinking flag break. Price had come back to 9ema and started to move back up.
$12.18 entry, stop at $12.09, 1st target $12.59
Stop hit.
•Maybe the nature of this pullback wasn't ideal (too fast? too deep?)
•I didn't really analyze the Daily, but now I see that the 12.40 area corresponds to the bottom of the little 11/29-12/2 flag.
•IF I had my target under 12.50 (the kind of thing I do) I think it's almost a 2.5% return, Tho mentally it doesn't seem like a great target $ wise. Who knows if that would've executed
•After yesterday when I was in that big runner, I started to think how I could maximize my positions, but maybe the 1 partial is to create a situation where the worst case scenario is a scratch, and use the 2nd and 3rd positions to maximize the play.
•I did put an alert in front of my 1st target to maybe re-assess that limit order at 12.59.
I still think that is a good idea, but maybe on this trade these things (1st partial, and alert)were in the wrong place, especially after looking more closely at the daily
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-12-10 10:12:58 | TOUR | buy | $12.180 | long |
| 2014-12-10 10:31:06 | TOUR | sell | $12.080 | 0 |
Comments
Nape_BOWS
Agree. i like the idea here. Overall market killed a lot of long setups today.
tombro
Thanks guys. Your comments helped me make a distinction that made a difference between today and yesterday.
I MUST come into the day prepared and centered. Yesterday I was, and it showed in my results. Today I was late getting up, and didn’t take the time to prep myself is spite of it, cuz even tho I came in late, I had ample time to get myself in shape to profit from the 1 profitable trade I had today, and it would have helped me avoid several premature turkeys
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This was a good idea it's just that the market was so far down that any bounces were going to be weak and have little follow through. Your entry was pretty good and again you managed your risk. Keep overall market conditions in mind when trying to buy a pullback as they will have considerably less probability of a bounce when the overall market is weak.