Shared by
tee
Day Chart: recent gap ups, looked like it was printing a doji on the daily to show the downtrend is at least temporarily pausing. potential upward bounce.
Buy: missed the chance to buy a flag/remount of the MAs which gave it a .80 run. I entered as that run pulled back to the MAs again and thought it could happen again. I got a few .20 spikes but no follow through. was watching potential inverse h&s on 5 min but that never came through obviously.
Order:
price
9(rising)
20(rising)
VWAP
stochastics - choppy but positive
Sell: eventually lost the price support level it was holding the past hour. didnt use a hard stop cuz of the price spreads and feared a bad fill. it flushed so far past stop and bids appeared so far below. this proved that I could have been better off with a bad fill vs chasing the next bid.
Lesson: always use a hard stop, even if its cents below where I want to stop out, just in case I fear a bad fill then it taking off without me. biggest loss of the day, disaster trade of the day. I came into the day aware of risk management and this was totally opposite.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-05-08 14:15:00 | PTBI | buy | $7.490 | long |
| 2015-05-08 15:24:00 | PTBI | sell | $7.150 | 0 |
Comments
tee
I agree and appreciate the input. I was in chase mode and I intended to use the rising support line around 7.30 as my line in the sand but it flushed so quickly with wide bid/asks. mental stop = caught with pants down today.
kunal00
i think we all did this! it was probably 1 day early for bounce
3 day pullbacks are ideal
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What was your set up? It looks to me like you chased a flag and then managed the trade horrible. Try to buy pull backs near support to keep your risk low and bail as soon as support is broken. http://screencast.com/t/jaApRH1zE ...there was money to be made on this trade if it was properly executed.