Shared by
MAllum_BOWS
What I Did Right
- Scanned for Gappers on thestockmarketwatch.com, Found NUGT, which I feel comfortable playing. Good entry, when it broke over morning highs. Sold half/partial shares & took some profits. Got stopped out of other 100 shares. Entered again when stock crossed 200SMA on 1 min chart. Covered half as it got to 200SMA on the 5 min chart. Kept the other half in case it broke over the 200MA and sold on next weakness.
What I can do better:
-Put stop loss UNDER MA's- would have prevented me stopping out on 2nd 100 shares and allowed me to get more profits. I noticed where the 200SMA was major resistance on the 5min chart, so I could have gotten in again for the short after I saw the Clear dojo candle of indecision on the 5 min chart. Be confident & DO what is right (but I didn't want to give up my gains for the day).
What I'll keep in mind for next time
-Use risk-adjusted sizing, not sizing based on confident at the time. Try not playing on 1 min charts, try for bigger moves on the 5 min chart.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-05-23 09:49:24 | NUGT | buy | $84.500 | long |
| 2016-05-23 09:51:48 | NUGT | sell | $85.300 | long |
| 2016-05-23 09:53:13 | NUGT | sell | $85.100 | 0 |
| 2016-05-23 10:00:27 | NUGT | buy | $86.170 | long |
| 2016-05-23 10:06:41 | NUGT | sell | $87.460 | long |
| 2016-05-23 10:09:50 | NUGT | sell | $86.650 | 0 |
Comments
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the 2nd buy u can't do..its in no mans land.. gap has filled and u have no setup.