CPXX Trade on Mar 16, 2016 11:47 from ToqueX: Tradervue User Stock Trades.

Grade=C-
P/L=+0.2R

Entry: flag. The story was strong on this stock with their drug trials and massive gap after the news. I took my position on the idea that this flag could hold and invite more buyers to bump it up a little to force the shorts to cover and send it on another leg up. I was looking for the wedge to resolve to the upside.

Result: Volume continued to thin out and things started to look increasingly dicey for me. I tightened both the stop and the target and determined that while it didn't look like it was ready to drop, buyers weren't stepping in either, so I figured it would probably not break 10 with any conviction and stop me out sooner or later. Got out without too many scratches.

Lesson: This was a tempting stock to be in, but it was pretty extended, and staying out would have made sense. Even if it did run from here, I don't think it was a high probability type of entry at this point in the run, and I don't think there was any reason for a group of buyers to come in at that level. It was really just price discovery on a strong stock with a strong story followed by a fade of both price and volume.
It was past my bedtime, but I can see there was a bearish wedge forming that dropped at 12:20ish.