Shared by
J2WS
- Intraday Falling Wedge Pattern
- Started with a Feeler (which was too big, I need to work on this)
- Identified a quick momentum cash flow trade within the set up.
I think this was a decent Intraday set up. It was definitely not a bigger picture trade, which was buying through yesterday's level then selling into 80's. So I took this trade for what it was worth, a short term day trade. Trade only.
I got in a Feeler on the break of the falling wedge. I noticed a minor resistance level developing around 77.70. This gave me an opportunity to add above it with a target near the previous minor pivot high of 79.00. This happened pretty quick so I was able to make some cash flow out of this trade. Ultimately I was stopped out of my core position for a minor gain. My target was a re-test of the HoD. It never happened.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-05-10 11:55:45 | TSLA | buy | $76.970 | long |
| 2013-05-10 11:55:45 | TSLA | buy | $76.973 | long |
| 2013-05-10 12:53:20 | TSLA | buy | $77.762 | long |
| 2013-05-10 12:59:02 | TSLA | sell | $78.800 | long |
| 2013-05-10 12:59:02 | TSLA | sell | $78.800 | long |
| 2013-05-10 12:59:02 | TSLA | sell | $78.800 | long |
| 2013-05-10 14:22:51 | TSLA | sell | $77.050 | long |
| 2013-05-10 14:22:56 | TSLA | sell | $77.100 | 0 |
Comments
J2WS
Thank you. And yes, the initial risk was below 75.20. I should have done 100 or 200 shares at the most. Now that I think about it some more, if my initial "feeler" of 400 shares failed, it would have prevented me from getting back in had another opportunity presented itself. I need to work on that.
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Firstly, just like to say I like your overall review format with your general insights and specifics about the trade as it develops and the thought process. On your feeler core long coming out of the wedge what is the initial risk here? Back below 75.20? Holding below 76? Something else?