Shared by
James_BOWSsim
This stock seemed to be catching a bounce off of support on the daily. Longed after a pullback as it began to make slightly higher highs. It seemed to be riding along the EMA's until I figured out that it had actually gapped up and went green to red. Sold for a small loss once I saw it making lower lows.
Even though the stock gapped up, it was still in a downtrend during a bearish market. Should have seen the green to red move since the first candle was filled in (and green, but not on the chart below). I think I rushed into this one focused on a setup that I now see didn't apply here. Oh well live & learn.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-01-11 09:58:13 | AVXL | buy | $5.156 | long |
| 2016-01-11 09:58:14 | AVXL | buy | $5.156 | long |
| 2016-01-11 10:45:33 | AVXL | sell | $5.050 | 0 |
Comments
James_BOWSsim
I definitely will start tagging them that way, I could see how that will come in handy. Looking back I wouldn't make the same counter-trend mistake like this again. Some of today's trades were questionable as well. I need to really work on my planning methods. Thanks!
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Suggest tagging your trades with name of the setups you thought you saw. This will really help you down the road in evaluating/improving your trading.
In this trade, the daily chart doesn't look like a long to me. Especially when the market and sector was downtrending when you entered the long position. Nice, quick exit.