Shared by
ToqueX
Grade=D
The setup: pullback buy
The result: I can see why this would look like a decent entry but I would want to be sure that it was going to hold this key support level of 9.00. It gapped up and pulled back, so it makes sense, but since 9.00 was key support, I should have had no problem waiting a little longer. Then I wouldn't have been in this trade after it cracked 9.
The lesson: Wait longer when counting on a bounce off of key support. Waiting will serve me well in this kind of scenario.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-05-14 10:29:49 | PTBI | buy | $9.000 | long |
| 2015-05-14 10:29:49 | PTBI | buy | $8.990 | long |
| 2015-05-14 10:30:42 | PTBI | sell | $8.920 | long |
| 2015-05-14 10:30:42 | PTBI | sell | $8.910 | 0 |
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