Shared by
ckz8780
Intraday flag breakout + daily breakout. DDD started to show some strength right under the HOD but failed to break out. Lost $40.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2012-11-26 14:50:57 | DDD | buy | $46.648 | long |
| 2012-11-26 15:01:54 | DDD | sell | $46.250 | long |
| 2012-11-26 15:01:55 | DDD | sell | $46.250 | 0 |
Comments
gregr
I see you trading a lot of this kind of setup - one thing that's helped me in the past is, when you see something like this developing, try to buy at the bottom of the pattern; say, around 46.25 or so between 1:00 and 2:30. You can try nibbling some at the bottom, and sell part of it as it works back up into the range. If it goes back down to the bottom, nibble some more, but now you have a bit of a cushion because of the first part you sold.
In this case, you would have stopped out in the end anyway, but it's sometimes a good way to work your way into a position.
Just a thought! :-)
ckz8780
Thanks for the comments guys. Yeah I actually chased this one a little bit...if I was going to anticipate it at all I should have taken $46.50, but I didn't see it til it started to break out and the volume had started to pick up so I just jumped in without really thinking it through.
Normally I try not to anticipate these if they are not very close to the daily b/o level and I think this one really needed a $47 break to get moving, so I should have either bought it at the base like you said or waited for the $47 break.
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Oh yeah, this stock was hot all day. I was watching it but kept missing it. I thought about taking a similar trade but it looked pretty extended. 46ish looked like a logical spot for it to get stuck. But this one and NTE just went all day, the setup here was tempting.