Shared by
LPeriman_BOWS
I was seeing a bear flag, rather than the 1-2-3. That, plus, the SPY started a bull run at about the same time. At least I cut out early.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-08-25 10:49:36 | MBLY | sell | $55.000 | short |
| 2015-08-25 10:50:47 | MBLY | buy | $55.200 | 0 |
Comments
stormstocks_BOWS
Sometimes early to the trading session, I like to look at the 5 min chart with pre market data too. (just a quick look)
It often changes the look of the chart and shows you bigger picture as to what is happening with volume and price pattern.
LPeriman_BOWS
Well, I can't remember for sure what I was planning on this one. I like how the daily was bouncing on diminishing volume into a resistance area. I see the higher low you're talking about and the up bar, but I think I was thinking that the volume of those bars was diminishing intraday too, and the higher low was just a 2nd tap on a developing bear flag. I honestly can't remember though. Thanks for the comments! I enjoy looking at stocks from multiple perspectives!!
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Do you see how the stock created slightly higher low and then very strong up bar?
I think the idea was good. Short at resistance but the stock was too strong with volume and the size of up bar.
I like to look at the size of up bar, the bounce of support. If it is small candle and low buying volume and technical weakening, VWAP and mov avg above it = great short with small stop.