Shared by
SatoshiTrader_BOWS
On watch for rubber band snap back, overbought on daily (RSI and bbands).
MNGA had resistance at 2.40 - 2.50 from begin 2014. I took 4 positions on this ticker all with a loss.
Plans:
MNGA short 2.25 risk 2.30 in 9:40:00 out 9:41:00 @2.30
MNGA short 2.34 risk 2.40 in 9:43:10 out 10:07:51 @2.41
MNGA short 2.31 risk 2.40 in 10:00:50 out 10:07:51 @2.41
MNGA short 2.39 risk 2.50 in 11:08:10 out 11:20:56 @2.38
I saw a bull blag forming on the last trade that's why I got out before risk
I had a good bias on this ticker but completely screwed this one up. Don't really know how I can prevent this in the future? Wait for lower high?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-12-11 09:40:00 | MNGA | sell | $2.250 | short |
| 2015-12-11 09:41:00 | MNGA | buy | $2.300 | 0 |
| 2015-12-11 09:43:10 | MNGA | sell | $2.340 | short |
| 2015-12-11 10:00:50 | MNGA | sell | $2.310 | short |
| 2015-12-11 10:07:51 | MNGA | buy | $2.410 | short |
| 2015-12-11 10:07:51 | MNGA | buy | $2.410 | 0 |
| 2015-12-11 11:08:10 | MNGA | sell | $2.390 | short |
| 2015-12-11 11:20:56 | MNGA | buy | $2.380 | 0 |
Comments
kunal00
ur getting in front of it.. right so ur not aligning on multiple timeframes
u have a good idea on the daily and a setup its the rubber band and its great setup. but on intrady u keep blindly shorting rather then waiting for a pattern to emenrgye
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U were going for an anticipation short without any confirmation.I would have left it alone after the 1st short trade and wait for some weakness. It did cracked late in the day when day long trend line finally broke and gave u confirmation. http://prntscr.com/9e6940