Shared by
jmos_BOWS
Play: Parabolic
Stock went parabolic without resting, waited for it to go to a meaningful area which 3 seemed logical. It never reached 3, stalled at 2.95 and wasn't able to break it several times and when put in a good candle on the 1mn chart, I got in but i was 2mns too early. I thought the panic was going to start but it stalled. This made me think that it had one last run to three so got out. It squeezed a few cents and then broke down which I missed. Pretty pissed about it as it faded 1$ and could have been an awesome trade even though I was not going for that type of move. I was expecting it to bounce and maybe form a flag on the 5mn but it just faded all day.
I am working on those type of plays, to catch them near tops with close stops instead of waiting or a break down spot where it can bounce and trap shorts. In this case, I had a 6cent stop loss but didn't respect it.
Reasons to sell: time, not patient (my nemesis). Can't expect every move to move right away
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-01-13 10:38:39 | PHMD | sell | $2.900 | short |
| 2015-01-13 10:39:56 | PHMD | buy | $2.890 | short |
| 2015-01-13 10:40:11 | PHMD | buy | $2.890 | 0 |
Comments
jmos_BOWS
you are right. that is my biggest weakness as i want things to move too fast but it doesn't work that way. Good to hear it from someone else.
gregr
One suggestion - it sounds like you were trading and making decisions from the 1-min chart. If you add a 1-min chart to your trade here on Tradervue (you can have up to 4 charts for each trade), it will make it much easier to see what you were seeing!
Leave a comment about this trade!
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!
You had this nailed and you didn't even give this 2 full minutes!
You have to give a stock time to do its thing.