Target: $27.32 or lower | 1.95:1 R:r
Risk: $400 vs. $28.65
Setup: I was looking for some pennant on the 15m and it just went.
Pros:
1. I was prepared today.
Cons:
1. I got the initial target wrong when I was live.
2. There may have been an add opportunity around 10:50, but it was tricky.
2. I didn't stick around for the 30 minute flag when it recovered. Definitely worked.
Note: I need to keep pushing myself to trade even after getting a good chunk. There was more money in the market to be made.
Old Blog:
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-10-19 09:58:00 | AEL | sell | $28.200 | short |
2020-10-19 10:36:00 | AEL | buy | $26.975 | short |
2020-10-19 11:56:00 | AEL | buy | $26.420 | 0 |
Thanks, TomasHerka!
I am still figuring out my exit and adding strategies. I only had 20% shares left when I "took almost the whole down trend." I'd like to have more :P
It depends on your trading plan and what is your money management :) I personaly never try to catch home runs trades.
But I believe that you will figure it out soon when to add more :)
Anyway what was your reason to close part of you share size at the price 27? What is your MM if I can ask? :)
@ThomasHerka
The 27.32 target was based on the daily chart. It had a gap to fill, so I thought it was definitely possible that there is some support there. I then watched the LVL2/Tape for support and saw heavy volume around 27. Thought it was a good time to take some off after checking the 1m. If I left it running, I would have definitely taken some off between 10:43 and 10:50.
MM as in marked move or market maker?
I have heard of formulas for marked moves, but I forget what they are and why they work. Maybe you can remind me.
ok rally nice trade indeed. MM I mean Money management :) If you like to manage trade based on structureof chart or if you manage trade 1:1 move. For example your risk is 10$ and your first target is when you reach +10$
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Very nice trade Leon! You took almost whole down trend