Shared by
tee
Day Chart: follow through to newer highs.
Buy: 2x tapper heading for 3x. higher lows being put in on the way up and bout the rounding pattern late afternoon. I see i should have entered closer to $74.50 area. Stop was below that area.
Sell: Stock broke the triple tapper resistance line but never broke out. Stock is at the 52wk high area so maybe this late in the day it might not be the best possibility. Using my thoughts from yesterday on selling for more profit, I took while it went sideways.
Lessons: Patience (look for setups like it's a game, avoid looking for setups as if they're opportunities to make money). I messed up in the morning but could have re-entered around 11am where it broke out from the base.
also if my Day Chart thesis was a good one, why stop looking for opportunities to re-enter just because I lost money on my bad entry earlier? Thats cuz I was driven by the need to make money (look for anything else thats working) vs driven by the idea of noticing quality setups as they developed.
Think like a paper trader!
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-04-22 14:45:00 | WUBA | buy | $74.900 | long |
| 2015-04-22 15:50:00 | WUBA | sell | $75.500 | 0 |
Comments
tee
Thanks. I saw the higher lows being put in and I guess just from my many hours of screen time, the recent price action on the daily had me thinking it would push to the $75.50 area . I also didnt want to be that guy buying near the resistance area so I tried early. MAs were under the price and I had a stop below just in case I was wrong though.
brandmtrade
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Nice trade! What gave you the decision to enter before it came back up to the 75.50 area?