Got in FB, not trying to anticipate the first bounce point this time. This worked because i let the stock hit its bottom, run up and bottom again. Then playing the 123 reversal (although this was not planned).
Good entry within the range just above support with stop right under. Low risk trade. Then scaled in to my position and added some more shares when FB broke out of the range. (I seldom scale in). Scaled out of my position by 3/5s when it was getting close to the previous high (but I got no signal that I needed to do that, so I guess I could have waited a little longer.) I did want to take some profits though, so I guess I'll learn to balance this better. Missed the high at the resistance level at $118.40 but closed my position well above my entry price. FB moves too little for me, not worth the squeeze, daily range too small.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-06-07 10:50:51 | FB | buy | $117.850 | long |
2016-06-07 11:13:54 | FB | buy | $117.930 | long |
2016-06-07 11:19:22 | FB | sell | $118.090 | long |
2016-06-07 11:43:19 | FB | sell | $118.240 | 0 |
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