Shared by
James_BOWSsim
2nd trade of the day. Shorted once it broke down through the MA's. Messed up on a few things: used 3x my max position size on this trade (given my risk), and I chased the stock because I couldn't get in a few times with my limit orders. Just should have left it alone at that point. I can't tell you why I used 3x my max position size on this one. First time I've done that, I think at that point the stock was already moving, and my risk was further away but I didn't account for it. Sad excuse if you ask me!
This stock gapped up, and I should have expected the breakout rather than trade counter trend. This play should have been a quick pullback buy. I'm not sure how to avoid this happening again. What is a key thing you can look for that will tell you this isn't a high probability setup?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-01-21 09:47:18 | SAVE | sell | $41.590 | short |
| 2016-01-21 09:55:50 | SAVE | buy | $42.423 | 0 |
Comments
James_BOWSsim
You're right classic red-to-green... Confirmation on this one was when price pierced the MA's. I should have been in there long on the pullback with my stop under LOD. Perfect line of support on the second pullback right after 10am, which was also a good buy spot where I could have remounted. Nutcrackers!!
Need to not get discouraged when I get stopped out and look for a remount, especially if I see a trend developing. Thanks Kunal.
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looks like stock went red to green? so that can be very powerful so that first dip is often a buy spot
but the daily is in a range anyways so its hard either way