Made a decent $39.52 with $25 risk. Stop was 6 cents from buy price at $1.64 and soon I could move it to buy price. 2:1 RR target was $1.81.
I bought, because the price was at a support level and seemed to hold it. The stock was up on good news yesterday so I figured it would bounce today.
My concern was that all the MA-s and the VWAP were above the price. The price was later spiking and holding above the MA-s and VWAP for short periods of time, also being sandwiched between the MA-s and VWAP. The VWAP was around $1.75. In the end of day the price was again under the MA-s and the MA-s were pressing on it, so it looked like a short. I believed in the power of support and resistance and since my stop was at the buy price, I was holding confidently. It paid off. Eventually I decided to sell half at 1:1 RR just to lock in at least something. The price was creating tiny flags and kept going up in the end. It eventually was 1 cent away from 3:1 RR.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-02-02 11:09:00 | GURE | buy | $1.690 | long |
2015-02-02 15:24:00 | GURE | sell | $1.750 | long |
2015-02-02 15:49:00 | GURE | sell | $1.810 | long |
2015-02-02 15:59:00 | GURE | sell | $1.830 | 0 |
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