Shared by
tee
Day Chart: breaking descending highs/flag highs
Buy: Intraday higher lows, broke day's high
Sell: quick spikes and not enough follow through. I let the price form higher lows but still no follow through. Sold at break of rising support line, right before that random super spike.
Lesson: while I figured I was getting in on a breakout, there is still resistance just over $24 which also held the price down today. When playing these range breakouts, it's much easier to enter in lower half to account for failed breakthrough flushes. I knew what I was trading a weak setup.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-04-23 10:16:00 | CMCM | buy | $23.900 | long |
| 2015-04-23 11:13:00 | CMCM | sell | $23.560 | 0 |
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