Shared by
ToqueX
Grade=D
The setup: opening range pullback
Potential R/R: 5:1
The result: stopped out
The entry: at the bottom of the opening range after a downward spike on the previous candle
The exit: stopped out at 2.22 where the opening range idea was violated
The thinking: That I would get a bounce and continuation of the move from the previous day.
What really happened: We did get back to the highs of the previous day later, but there was a much deeper pullback.
The lesson: Buying so early in the day is a fairly risky move. I could have waited to see if 2.20 would be tested, and it was. Then, if I saw enough buying and strength coming in, it would have made more sense as a pullback buy.
Emotion: I was likely afraid of missing the move and the spike before my entry got me to pull the trigger
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-06-08 09:50:47 | GALE | buy | $2.240 | long |
| 2015-06-08 09:55:10 | GALE | sell | $2.220 | long |
| 2015-06-08 09:55:10 | GALE | sell | $2.220 | 0 |
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