Shared by
JimFrey
Stock was at extreme to downside on bad news. It went parabolic, but could not short , so I was looking for a reversal set -up. Took a long at 14 based on the daily support at 13.30 which it initially rejected ..got stopped out for my 20 cent stop. I did manage my risk according to plan. I should have been more patient for the real set-up 3 bars later. It made it to the 100MA and clearly rejected it. The safer entry was the same at 14 but it would have had more support with vol and BO of bottom consolidation and bounce of ot a stronger support pattern.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-07-05 11:09:47 | XBIT | buy | $14.000 | long |
| 2016-07-05 11:10:33 | XBIT | sell | $13.790 | 0 |
Comments
JimFrey
Hi Louie. That's what I thought when I reviewed the trade. Unfortunately, I got involved with another trade. Too many pots in the fire.
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Your thesis is right but the timing isnt't. Im just wondering why you didn't bother to reenter when the set up presented itself again.
cheers