Shared by
doriann4590_BOWS
Played the tightening flag and was rewarded nicely. sold some at the top of the flag and then the remainder as it continued up.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-03-23 10:04:54 | VRX | buy | $32.620 | long |
| 2016-03-23 10:34:06 | VRX | sell | $33.095 | long |
| 2016-03-23 10:50:46 | VRX | sell | $33.590 | long |
| 2016-03-23 10:54:09 | VRX | sell | $33.550 | 0 |
Comments
doriann4590_BOWS
I just saw what looked like a bull flag without the pole. I suppose I treated the gap like the flag. Also because of the strength yesterday I was hoping for a continuation. Can u explain a dead cat bounce? I've heard and seen it explained a few different ways. Is it just how it has been beaten down on the daily and catches a bounce upward because it has been so extended.
LPeriman_BOWS
Yes.. precisely. Deadcat bounce indicates a price action trend downward that bounces on lower volume. Most likely happen due to sellers covering their shorts.
I think you'll find, but you watch for yourself, that you'll see bullflags don't typically work well when the daily is bear flagging. I still liked your entry though. You could have gotten out FAST if it didn't work.
Yea I see your point. I'm still very new at this and am trying to learn all those intricacies along the way. Thanks for the help! I only risked 22 cents on it so I was going to bail of that flag didn't hold.
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Played the daily counter-trend bear flag in anticipation of the deadcat bounce? Nice entry on intraday.