Shared by
dpaleo
Tags:
beauty engulfing 5min candle but buyers supported $147.80-$148 level. Need to be proactive here and time stop some as there was no pull and its a Day 1 breakout. After the 13:40 candle the stop needs to be moved down to $148.60s which cuts this loss in about half. Gotta be better
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2022-07-12 13:04:15 | BA | -1000 | $148.050 | -1000 |
| 2022-07-12 13:10:29 | BA | -200 | $147.920 | -1200 |
| 2022-07-12 14:09:46 | BA | 33 | $149.020 | -1167 |
| 2022-07-12 14:09:46 | BA | 100 | $149.030 | -1067 |
| 2022-07-12 14:09:46 | BA | 67 | $149.040 | -1000 |
| 2022-07-12 14:19:51 | BA | 800 | $149.280 | -200 |
| 2022-07-12 14:19:51 | BA | 100 | $149.270 | -100 |
| 2022-07-12 14:19:51 | BA | 100 | $149.290 | 0 |
Comments
dpaleo
Yea i was hoping it would get to $150 or above which woulda increased the probability of fade. But at end of day the strength was obvious from the open. After giving it 30mins post entry and not getting any fade, the writing was on the wall. Gotta play defense at that point.
randoman24
I mean I believe you were looking at the right stop and honestly taking that engulfing wasn't necessarily a bad thing but your risk is so tight there is no room for play. I understand you risked High of the day but realize that there is a much better level to use. 150 is a super nice psych resistance. You even mentioned it. Realize that not all trades will reach the exact level you want or that you shouldn't take the trade until it does get to your level.
Yea i get what you're saying with putting the stop above $150 and putting on less size. I think with an engulfing candle like that it really should work right away.
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Very interesting seeing someone else's thoughts on this. I also tried to short but entered to early causing me to take a big loss on the day.