Shared by
ToqueX
Grade=D
The setup, please: opening range pullback
Why?: Because it pulled back, then rejected going much lower with that spike. I waited a while and got in when I thought there was some curling up while still getting in at a good price with decent r/r (not accounting for the spike).
So what happened then?: I took the quick scalp on the first half and got stopped out slightly above break even on the 2nd
Did you learn anything from this sketchy trade?: Yes, to still stay out of the opening range. 9:50 might be a good guideline. I can take another crack at the opening range plays when I have more experience with regular pullbacks and flags.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-04-23 09:45:29 | ABBV | buy | $63.630 | long |
| 2015-04-23 09:51:58 | ABBV | sell | $63.800 | long |
| 2015-04-23 09:53:03 | ABBV | sell | $63.680 | 0 |
Comments
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your idea was good, but trade location wasn't. Look at the daily and you see some big ass support around 62$. And the stock flushed right into it.
So shorting was out of the question, but you either could have made a crying call and tried to catch a falling knife by scaling in small every 50cts with stop under 62$ or you could have watched the 1minute when it tried to retest 63$ and got long above 63.10$ with stop under 63$ as it could not trade through although volume was behind the move. Target 63.50$
Stuff like this looks scary intraday but it is actually an easy trade as soon as you look at the bigger picture :)