Shared by
RPB3
Stock spiked in the morning. Waited for the pullback, bought it on support with a stop under 4.25. Took it off too soon. I think I was nervous because it dipped under my buy price for a couple minutes and didnt work right away. Once I had a little profit I took it.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-07-28 12:44:25 | EBIO | buy | $4.290 | long |
| 2016-07-28 13:07:59 | EBIO | sell | $4.360 | 0 |
Comments
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Nice idea here. Little low vol hold setup near your buy as well. As far as the plan goes..also pretty good. When you're dealing with something like this where you buy at 4.29 and risk 4.25, you're asking to get stopped out. So just be aware of that, and 4.25 there would be a "guide" for me more than risk there, I'd give it a chance to try and reclaim. You should give yourself a solid .10-15c of risk minimum on a trade - there needs to be a margin of error worked in, you can't expect yourself to get an entry and have a stock just go straight up from there immediately. That is striving for perfection, and gets into everything in that blog post I wrote about The Perfectionist Trader two weeks ago if you read that. So anytime you find yourself making a plan with like a super small tight risk, always think twice - and try to give yourself a chance to be right & widen that a little. Adjust size accordingly if the bigger leeway on your risk bothers you - but I'd rather see you with less size and a wider stop than more size and a tighter stop any day.