Shared by
CommanderJP
Sim day #1 7/7/16
I made 2 trades today and this is first one.
Lost this one as it hit my stop loss.
I thought this would be a good ORB trade as it was one of the top premarket movers, but it was more of a Green to Red move.
The price was consolidating at around 8:40 am so I thought it would be a good time to take the trade.
Went down automatically giving me no mercy as it hit my stop.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-07-07 09:48:12 | SIMO | buy | $51.800 | long |
| 2016-07-07 09:58:32 | SIMO | sell | $51.040 | long |
| 2016-07-07 09:58:33 | SIMO | sell | $51.035 | 0 |
Comments
kunal00
2016-07-24 19:10:57
i like the idea on this.. to long it.. i think you just needed a tighter pattern. the orb was so sloppy its hard to manage it.
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Gapped up on raised guidance into all time highs (no supply) under heavy relative volume (lots of demand). I think you have to be looking for a chance to long this. Two things to possibly consider.
1. That wick that couldn't hold on the second candle, followed by breaking below the VWAP and holding there for a 2 candles before you entered, is bearish. This is probably too tricky to short unless you have a lot of experience on these. Since you did attempt a long (which I clearly see why), the other thing to consider is
2. You have to stop out as soon as your thesis is proven incorrect, which was around 51.50 - 51.60ish. You can't stop out where you did though. First, it's too wide of a stop. But, even if it was your plan to give that much room and you sized accordingly (which is wise), you stopped out on support. In this case, that support didn't hold. But, as a matter of process, you can't stop out 4 cents away from support.