Shared by
jmos_BOWS
Play: ORB
Stock opened near pre-market highs, exploded out of the gate on high volume but couldn't hold it and broke down to LOD. Waited for it to consolidate and break down but that wasn't the real support as it was 3.05. It couldn't break down and that usually means a squeeze is going to happen. Decided to be patient with it as I am having trouble with that. Unfortunately, my intuition was right and it squeezed and stopped me out. Still happy with it as i was patient, it was making lower highs so it could mean it was just taking more time but i was proven wrong and stopped me out.
Had i gotten out flat when it couldn't break down and then flush, i would have been more frustrated than a loss.
Reasons to sell:higher high, stopped out
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-05-22 09:39:28 | ONTY | sell | $3.090 | short |
| 2015-05-22 09:45:16 | ONTY | buy | $3.190 | 0 |
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