Saw what I thought was a flag breakout continuation on the daily chart. bought into an intraday flag on a sign of strength at $2.67. Got 600 shares. price moved against me and I was stopped out at $2.62. This trade was no good for several reasons. First, the flag breakout continuation was on it's 5th green day in a row. Plus, it had been running for days prior to the flag formed without receiving proper relief. Also, the intraday range shows that this stock doesn't make significant moves. I also should have noticed that the candle just before the one I bought into had run up significantly after opening but failed to maintain it's momentum and closed near the bottom of the range.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-10-03 09:50:00 | CRIS | buy | $2.670 | long |
2016-10-03 10:05:00 | CRIS | sell | $2.620 | 0 |
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