OPTT met half the criteria for a Swing trade. No Early entry criteria met though but I traded it because it was a momostock over the last few days.
Thought I got a good entry in the consolidation range but was expecting it to run up after the huge red candles. However the big red candles negated the previous green candle (engulfed i guess) and on the daily chart, OPTT open lower than the previous day's close and it had previously run up $7 so i guess it was a rubberband short.
Intraday i did Not honour my stop when i saw it move against me because I thought "its just a $10 stock!", even though that completely ignores all risk management & proper trading guidelines. As a result of my underestimating the stock (clearly despite a $7 move the previous day), I actually held beyond my stop and Waited for it to come back up because i also figured it had been so bullish so it must come back up. Then i got out all my shares.
So i did Not Take my small loss. I will NOT start this bad habit. I have rarely done this before. Small loss but Very Poor process.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-07-21 09:37:20 | OPTT | buy | $13.060 | long |
2016-07-21 09:40:31 | OPTT | sell | $12.930 | 0 |
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!