Shared by
BlackSwanTrading
- Long WKHS after It broke above R4 with volume
- WKHS was on the watchlist after being on the gappers list and especially because it had a bullish upward cam pivot relationship with a tight range
- Because of this I was watching it for an R4 Breakout. An added note that was a plus is that it had a lot of room to run towards the upside being that there were not many transactions above R4 looking back 5 days.
- I saw it break above R4 with volume then come back down when the following candle began to hold R4 I went long with an average price of 15.27.
- Something I recognized which was absolutely beautiful was the ladder of ASK above the current price, this really made me feel confident that the move was going to work.
- I placed my stop below the previous candle which was 15.06 giving me a risk of 20 cents.
- I decided my first stop loss was going to be at 19.87 giving me 3 to 1. I did indeed take this partial at 15.87 locking up .75R.
- 2nd 25% partial was 9 cents above being a 3.5 to 1 RvR at 15.96 when I noticed a big seller at $16 and I wanted to take profit before it hit his order.
- 3rd 25% partial was at 16.11 when it popped above 16 with huge volume.
- 4th and final partial was filled at 15.65. I decided to exit when it popped above 16 with a lot of volume, sold off quickly with above-average volume, then it continued against me so I decided to exit.
- Ended the trade locking in 2.75R
- One thing I would choose to improve on would be making my first profit target a 25% sell, then the following ones 10% to catch the full move with a good core position.
- Another thing to improve on would be waiting for it to close below the 20 EMA which I consider the "microtrend". Breakouts, or longs in general, are not all upwards green candles so red candles and a bounces off trend lines are healthy. Meaning I should have exited after moving my Stop loss to break even or if it closed beneath my 20 EMA and continued moving down.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-06-08 09:44:32 | WKHS | buy | $15.270 | long |
| 2021-06-08 09:44:32 | WKHS | buy | $15.270 | long |
| 2021-06-08 09:46:33 | WKHS | sell | $15.870 | long |
| 2021-06-08 09:49:35 | WKHS | sell | $15.960 | long |
| 2021-06-08 09:50:14 | WKHS | sell | $16.110 | long |
| 2021-06-08 09:52:20 | WKHS | sell | $15.650 | 0 |
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