Shared by
ToqueX
Grade=D
The setup: Opening range pullback
Potential R/R: 5:1
Stop: 32.75 (Around where I determined the bottom of the opening range was)
The result: stopped out
The thinking: I was thinking that I could get a pop back up to the top of the opening range.
What I think really happened: The run up into the close from the previous day was sold off for profit at the open and there was a temporary return to the afternoon range of the last day before things got wild again, possibly due to the greater market or the solar sector which fell a lot that day.
The lesson: The opening range is risky, so I need to have my risk as clearly defined as possible. If it's a sector play, I should check the sector (TAN in this case for the ETF). Also, don't count on continuation of an afternoon runup of the previous day.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-06-08 09:45:07 | CSIQ | buy | $32.820 | long |
| 2015-06-08 09:45:07 | CSIQ | buy | $32.820 | long |
| 2015-06-08 09:45:07 | CSIQ | buy | $32.820 | long |
| 2015-06-08 09:47:16 | CSIQ | sell | $32.740 | 0 |
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