Shared by
pstark89
This trade was ok on the bear flag but I covered too early for no reason. First profit I had all day and it was negligible.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-10-01 13:02:33 | XON | sell | $29.370 | short |
| 2015-10-01 13:05:39 | XON | buy | $29.200 | short |
| 2015-10-01 13:08:21 | XON | buy | $29.140 | 0 |
Comments
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You chased it. Probably bc waiting for confirmation. I used to do that a lot. Still do sometimes. Paul Singh taught me that "The amount you lose by taking a few extra losses, is not worth waiting for confirmation." You had the right idea, but short it as high as you can get it, big Bear Flag like that isn't going up anywhere. Every pop before your entry was shorted off. Remember, "Short term corrections("pops" in this trade), tend to resolve themselves in the direction of the trend."
To avoid getting out too early, try using a trailing stop. On this trade you could have moved your stop down to your first exit spot, 29.20. As it continued to fall, just keep moving your stop down keeping it .20 above the current price. As you get more comfortable, it will all come to you. Not a bad trade overall, nice going.