Looking back now, no reason to go long on this stock. It was at resistance on the daily, maybe I though it might break over and got in long intraday when it showed 2 green candles, especially one with such a long lower shadow. DWTI was also flushing premarket.
Took a risk-adjusted position size for my entry and stop. Got in on what I though was a pullback candle. I ignored the long upper candle shadow because the green candle before it had a long lower one and I just thought the opposite long shadows were because of indecision at the open. That was a mistake. Clearly, it was a reversal shooting star with a LONG wick to boot, should have paid attention and probably change my direction to a short.
Allowed myself to be stopped out at my stop order level. I could have gotten out before for a smaller loss but I was letting myself take the loss, which I am proud of (proper process since my eureka moment about anticipatory trading from the Candlestick Course).
$200 is my max loss per trade.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-06-17 09:41:23 | DWTI | buy | $81.040 | long |
2016-06-17 09:50:25 | DWTI | sell | $80.020 | 0 |
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