Shared by
James_BOWSsim
Tried to catch a quick bounce back into the VWAP area for a quick scalp. Only thing is I only used 100 shares, so it wasn't really worth it.
This was just an 'I'm bored' trade that happened to work out. I don't think I should have taken this one simply because when something looks overstretched/ cheap, it doesn't mean it can't get cheaper. However, the intraday chart was technically still in an uptrend, which we can see more clearly now that the rain has gone. But the EMA's were pointing downward at the time. Not too sure how to feel about this one or if it even constitutes as a legit setup.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-01-19 10:36:35 | UVXY | buy | $46.150 | long |
| 2016-01-19 10:39:06 | UVXY | sell | $46.400 | 0 |
Comments
James_BOWSsim
Indeed, the trades I'm about to post today are pretty bad for the most part. Didn't see a pattern and yet I still traded due to my own predictions that weren't working out.
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100 shares is very much plenty on a stock this volatile, in my opinion. Think about it, if you'd held on until price reached previous high within the trend you'd had up to 250ish bucks of profit after risking just under 100,
I don't see a traditional BOWS intraday setup but I can see why your were long biased and trying to buy on the higher low. But bigger picture, I find myself in trouble when I'm trading without a plan. So if you are saying, "I'm not sure what to call that pattern", or similar, then I believe it's best to skip it.