Day Chart: Earnings breakout
Buy: gap up, flush down then bottom formed. 9 and 20 MAs rising and showing support. Bought the break of trendline from open to recent high after stock bounced off 20MA and VWAP.
Sell: looked like a flat top setup and price broke twice, only spiking to $53.18 and no real follow through to sell into. Kept raising stop under the 20MA and in one move stock took out 9 and 20 and my stop.
Lesson: If I had tried to buy closer to the 20MA, I noticed I could have gotten realistically at $52.58 ($0.32 lower). This would have been reason enough to sell at profit when stock wasn't breaking out around $54.05 area ($0.37 net). Even with my rising stop that was a $0.25 gain vs a $0.07 loss.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-04-23 11:34:00 | CAKE | buy | $52.900 | long |
2015-04-23 12:56:00 | CAKE | sell | $52.830 | 0 |
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