QIHU Trade on Dec 31, 2012 10:18 from kumarBOWS: Tradervue User Stock Trades.

After my initial short, I realized it wasn't going to break down and spotted a clear cut text book bull flag forming. This is a new pattern to me as I'm mainly a short seller and was hesitant to go in. Big miss, it spiked .50 as you can see with the two big candles. It was quite a beautiful thing to see these text book set-ups play out.

Second trade was a revenge trade. A little emotional from the missed opportunities. I missed out on the huge spike AND the beautiful fade afterwards. I forced a trade that just wasn't there yet. I ended up with an absolute terrible entry and exited on emotion when I didn't get it.

At this point I'm clearly over trading and just wanted to nail a good play on it. It put in clear lower highs after I exited, which would have been great entry points, but instead I chased it short for the 29.00 crack. Had I been there when it cracked (yes I left) it dropped down to 28.75 which would have been a decent .25 gain.

Lesson:

1) Now I know what a bull flag is and won't be as hesitant next time to enter
2) Be the Alpha Male. Stop chasing. Let the trade come to you
3) Never, ever, ever leave a position unattended.

Hindsight:

Best plays here would be to buy at the bull flag. Short every time a lower high was put in. Tons of good shorting opportunities on this one.