Shared by
daljitsingh_BOWS
Bought on a pullback with the anticipation of the stock going up. Looking back at it now it doesnt seem like the best trade as the middle of the day is about price retracement. Also the pullback was to the 9EMA which is more used for earlier in the day. The setup looks more like a 1-2-3 reversal now that I am looking back at it.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-01-25 11:52:57 | DWTI | buy | $331.600 | long |
| 2016-01-25 11:58:20 | DWTI | sell | $329.620 | 0 |
| 2016-01-25 12:00:24 | DWTI | buy | $332.510 | long |
| 2016-01-25 12:01:55 | DWTI | sell | $330.370 | 0 |
| 2016-01-25 12:06:15 | DWTI | buy | $332.280 | long |
| 2016-01-25 12:27:28 | DWTI | sell | $327.000 | 0 |
Comments
daljitsingh_BOWS
The 1-2-3 came after I entered. The up trending stock made a lower higher and reversed down.
LPeriman_BOWS
I see that. No way you could have seen that future price action though. One thing szaman said to me that was helpful ... 1-2-3 patterns to the short side should also have overbought stochastics (opposite for long side setup). Even though that's not relevant to THIS trade, maybe his advice will help you another time.
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I don't see a 1-2-3 at the time you entered, but I fully agree with everything else you said. Daily chart was a 20 SMA bounce but you needed the deeper pullback towards the VWAP middle of day.