My first trade on a day I got a late start, and never got in sync.
Flag pullback to previous HOD, ema's flattening
Stop 11.69, moved at 3:22 to 11.73 first target 12
Shoulda cut this after it couldn't take out the 1pm high if not sooneer
I need to come up with some rules on when to cut and run when the stock doesn't do what I want so I don't waste my emo capital
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-01-07 12:23:32 | NMM | buy | $11.790 | long |
2015-01-07 12:23:32 | NMM | buy | $11.790 | long |
2015-01-07 15:32:32 | NMM | sell | $11.730 | 0 |
Hi Derek, once again-thanks for commenting, it's this back and forth that will make us both better traders!
On this screen grab I point out the levels I was responding to and the location of my entry .
http://screencast.com/t/lu0ccpLAr
20 ema was no longer downtrending, but was flat(still not a great thing i admit, but I was trying to anticipate vs waitinging for confirmation)
Actually looking at it now, perhaps the biggest caution should be towards the 12 area it bounced off of at 10:15, "and december 18/19" and that this was the first test of this area.
okay I see why you bought ... but only one candle formed in that area ... doesn't give any indication that that level of support is true ... look for multiple candles with the same open or close to validate your statement as true or false
you were also fighting the long term trend
in the even shorter time frame resistance was forming above those candles and the emas could have very well curled down and that would have been normal because of long term trend; spike in volume and short term ... three pieces of criteria not in your favor ... so probably a 20% chance of long and 80% of short
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why did you buy there? ... i agree that you have sold at the 1pm spot but you longed in a position where emas were short term trending down and the candles bounced off of a couple of times before ...... you were lucky to even get that 1pm opportunity ... very risky