Shared by
robw_BOWS
Sim Day 9
I had TGT on my watchlist. It gapped down on the 18th and had been testing resistance at around 67.60 and eventually started to consolidate. On the daily chart, that area was a former support level from Jan & Feb. I looked at the 30-minute chart for a good entry. I was looking for a break above 67.60. If it broke and held, it had plenty of room. I got my entry at 67.63 and rode it until 68.55. It was approaching lunch time, so I wanted to get out with some profit locked-in.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-05-20 10:15:14 | TGT | buy | $67.630 | long |
| 2016-05-20 11:52:12 | TGT | sell | $68.550 | 0 |
Comments
robw_BOWS
Good point. The pullback would have been the perfect entry. However, with the break above resistance, and it riding tightly along the 9ema, I felt confident about the trade. With a stop-loss just below the 9ema, and with it having some room until the next resistance level, I felt it was a low risk trade, and the reward-to-risk ratio justified my reason for entry.
But, to your point, yes, the pullback would have been the ideal setup. I'm still in Sim mode, so I'm still learning. Thanks for your feedback!
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Like all your reasoning. However, if you enter on the way up with 7 green candles, where do you put your stop? I think the price point you got was equally as perfect after the pullback that gave you a nice line in the sand under 67. 55ish http://screencast.com/t/CEUfBcQ69