having a bad morning with ISIG I noticed it started to curl after 10:20 am and started to show signs of a trend reversal.
It formed a nice ascending triangle formation testing a few times 200ema
7). 10:53:04 - I enter closer to the lower line of the triangle for a tighter stop anticipating a breakout. A breakout starts 3 min later, I sell into strength booking 88c/share profit. Good entry, could've held for longer but previous losses made me more averse to risk (this wasn't the first time it happens). ++
8). 11:06:12 - after it kept going up & has reclaimed the VWAP I decided to play key level break @25.69 as it was not too far above VWAP. Should the level had been broken, I thought there would've been enough room for a big move, potentially all the way to the next key level of 28.10. Another level in between to watch for was 27. Sold into strength booking almost a $1 profit. Good entry, good trade. Same note as #1 - could've held longer until $27
Summary: ended the day B/E. Well, trading is much easier when the price goes your way.
I'm too slow at recognising when the stock is not going my way. Maybe I should be much more alert after first couple of trades didn't resolve as expected
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-01-10 10:53:04 | ISIG | buy | $24.000 | long |
2022-01-10 10:57:54 | ISIG | sell | $24.880 | 0 |
2022-01-10 11:06:12 | ISIG | buy | $25.350 | long |
2022-01-10 11:10:10 | ISIG | sell | $26.300 | 0 |
@brian52169 yes! Not super clean but its top coincided with 200ema so breaking that would be significant. Also I didn't wanna risk too much so opted in for a anticipatory entry close to the bottom line so that I can keep my stop really tight
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The triangle setup was very nice...good job on recognizing the trade for very nice profit