Shared by
MAllum_BOWS
Should have been Out of the market as I had lost almost 3X my max daily loss already. But I traded in the morning and decided to try to see if I could redeem myself in the afternoon.
**This does not work. GET Out after hitting my Max daily loss. This is now the time to get in repetitions by analysis only, no more trading for the day.
Got in at half my daily max no. of shares per trade. Added a bit more (300 shares) after the stock held and bounced off the 9MA and moved my direction & broke over all the MAs. It even broke the 200MA with 2 green candles.
**When I see small candles at resistance levels, I am not often sure if to take it as profit taking and a little competition with the bears as resistance turns to support OR if the take those little repeated candles as saying the stock is being held down & is not able to go up anymore. Got out when it broke back under the 200MA.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-07-12 14:53:11 | RLYP | buy | $21.670 | long |
| 2016-07-12 14:56:25 | RLYP | buy | $21.700 | long |
| 2016-07-12 15:04:10 | RLYP | sell | $21.550 | 0 |
Comments
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thats not a setup on the daily chart its no setup.
intraday u had a 3x tapper breakout that failed with 2 big huge nasty candles thats not a orderly pullback. its not buyable and there is no edge there especially for the time of the day