Shared by
parkergreen
Yesterday CPXX had a huge day gaining over 400% and closed on strength near the highs. When it opened red today I longed it when it turned green for the g2r move. I scaled out very quickly as these usually shoot up, then right back down. It made a nice jump up and I took the profits.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-03-16 09:31:15 | CPXX | buy | $9.175 | long |
| 2016-03-16 09:31:15 | CPXX | buy | $9.143 | long |
| 2016-03-16 09:31:15 | CPXX | buy | $9.135 | long |
| 2016-03-16 09:31:49 | CPXX | sell | $9.370 | long |
| 2016-03-16 09:31:49 | CPXX | sell | $9.370 | long |
| 2016-03-16 09:31:55 | CPXX | sell | $9.550 | long |
| 2016-03-16 09:32:07 | CPXX | sell | $9.410 | long |
| 2016-03-16 09:32:07 | CPXX | sell | $9.410 | long |
| 2016-03-16 09:32:24 | CPXX | sell | $9.540 | long |
| 2016-03-16 09:32:33 | CPXX | sell | $9.635 | 0 |
Comments
parkergreen
I agree, it wasn't the absolute best entry, I saw it as it went green above the previous day's close, and it moved so fast that that's where it got me in at. I'll definitely time these out better! Thanks for the input!
LPeriman_BOWS
Totally get what you're saying. I knew before market opened what my intent was so I had a couple limit orders already sitting out there at the prices I thought indicated my thesis could work. Just too darn tough to catch a R-G or ORB if you wait for it to happen. Regardless, you had an excellent trade with great exits!
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IMO, you have to get in sooner on these plays because they are so quick, as you said. At least enter it as close to the price it went green as you can which, in this case, was around 8.95. If you're playing the daily chart, which I think you should always be doing, then the way I think to play these G-R is to get in early so your stop isn't too far away. When I do this, my win percentage goes down a bit, but my loss $$ per loss goes way down too, and my profits on winners goes way up. I liked this entry http://screencast.com/t/SYuDtjb3 and then exits according to reasons2exit rules.
May not be right for you, just a thought to share.