Shared by
pstark89
Started position pre-market because it looked like it was setting up for a red to green. Could have sold successfully but got greedy. Added to the position as it was going to ORB. Sold into the strength.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-01-06 08:25:47 | ISIS | buy | $67.000 | long |
| 2015-01-06 09:33:35 | ISIS | buy | $66.500 | long |
| 2015-01-06 09:46:51 | ISIS | sell | $67.200 | long |
| 2015-01-06 09:49:53 | ISIS | sell | $67.700 | long |
| 2015-01-06 09:59:38 | ISIS | sell | $66.850 | 0 |
Comments
pstark89
Tom -- great analysis. When I was looking at it the entries seemed better. :)
I had a long bias to start because the daily looked strong and I just heard an interview with the CEO on Mad Money the night prior. When I saw it red on really light volume I bought 100 shares when it started consolidated and basing on "relatively higher" volume at $67. I could have sold it above $68 pre market but didn't. Then I was pissed off when it traded back down. Instead of panicking out, I waited for it to consolidate again lower than $67 and added to the position. When it ran up from there I said to myself that I won't be greedy and sold out accordingly.
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Peter, I'm gonna throw this out there because I didn't understand the reasoning for the entries. I tried to reconstruct your trade...hopefully this is correct...
http://screencast.com/t/ottju8cu
Here are a couple questions...
You said for your 1st entry that it looked like it was setting up for a Red to green, but the price action before your 1st entry was largely down. What did you see in the price action for a Red to Green trade? Was it just that it looked like it was going to open red?
For your second entry, you mentioned that it was going to ORB, besides that the ORB trade needs at least two five minute bars... wouldn't a ORB long trade be at the top of the OR?
Let me know if I'm not seeing this correctly
Thanks! Just trying to think this stuff through.....