Intraday flag break. I took this long at $7.905 with 300 shares for a break of the flag as I anticipated it might run back to the moving average on the daily which I believe was around $8.20. It was low risk and well played, selling half at $8.01 and the rest at $8.12. I made $50 on that part which was great for such a small size. Where I went wrong with this trade was the second buy at $8.01. Level 2 was flashing like crazy and there was a massive volume spike so I thought it might rip above $8.00 but it actually reversed and went the other direction, wicking me out. That trade gave back half my gain on it. Need to remember to use level 2 as a guide only...since the price action on this trade hadn't indicated yet that it was going to move above $8. Made $21.60.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2012-11-12 11:32:38 | ACHN | buy | $7.905 | long |
2012-11-12 11:34:30 | ACHN | sell | $8.010 | long |
2012-11-12 11:41:09 | ACHN | sell | $8.120 | 0 |
2012-11-12 11:59:50 | ACHN | buy | $8.008 | long |
2012-11-12 12:00:31 | ACHN | sell | $7.920 | 0 |
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