Shared by
ToqueX
Grade=C
The setup: flat bottom breakdown
The result: This trade succeeded and there were sufficient taps and consolidation to increase the probability of this trade working out. My eye was on the greater China sector. I trailed my stop a bit too tightly after taking off the first lot. I barely got stopped out on the second. Too bad, because there was another nice run down.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-07-09 11:32:12 | SFUN | sell | $7.680 | short |
| 2015-07-09 11:41:26 | SFUN | buy | $7.600 | short |
| 2015-07-09 11:46:32 | SFUN | buy | $7.630 | 0 |
Comments
ToqueX
I could have contemplated getting back in after it broke 7.60, but I was probably thinking that might be all there was to the downside after the initial outlook was bullish for the sector after the big gap up. Scaling in 1/3s also would have kept me in it with a piece, but I was doing 1/2s because the market direction was harder to get a bearing on that day, so I was playing it more safely.
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Not a bad entry. I do stupid things like this all the time. Just need to get your mind past the "this could happen" and focus on what you can control. Which is entries risk and pos sizing.