The stock open at the 63 possible resistance level and actually consolidated to keep going higher. As Market was weakening and the stock had failed at 65 twice, I decided to short it once it was going on its way down the second time, unfortunatley the stock quickly reversed and took me out.
Review
Good job hitting my stop. I still need to see more topping patterns to be familiar with these type of plays. I will keep trying with tight risk, as I believe risk reward is to high to pass over these kind of plays. For example on this one a second short could have been below 65 when the stock was coming down from its high of 65.50. These plays could be hold until reason to sell.
Another key I can consider is for both the 5 min and 2 min chart align with each other to enter in a particular way.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-05-04 10:26:15 | CTSH | sell | $64.830 | short |
2015-05-04 10:29:19 | CTSH | buy | $65.080 | 0 |
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!