Shared by
ckz8780
Overall this was not a good trade. The major issue was that I rushed into it. I had been watching the stock for several days waiting for the $11 break, then it failed back to low 10s, then gapped up today over $11 and I wasn't able to get a good entry. In response, I somewhat forced a trade by using a 2 min chart to justify a flag break at $11.68 which was also a secondary range break on the daily. Bottom line is this stock was way too extended to make this trade worth it. It had gone up 10%+ in 15 min with no pullback at all, so it was inevitable that it would pull back. Further, I had a stop of $11.55 but it fell through that so quickly I wanted to wait and see if it was just a wick...which it was not, so I didn't honor my stop either. Bad bad bad! In the future on this play I have made a note that it is best to either buy the pullback or not play it at all. There will always be more setups. Lost $110.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2012-08-15 09:55:15 | SLCA | buy | $11.690 | long |
| 2012-08-15 10:10:35 | SLCA | sell | $11.470 | 0 |
Comments
ckz8780
Yup! Especially when you've been stuck in a 5 point range in the market for the last 6 days and you're going insane from boredom! Haha seems like anything is worth it!
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It's tough (at least for me) when it seems like a trade I've been stalking is running away without me...I feel your pain. :)