Shared by
byers7181_BOWS
So this a trade I wanted to take because I saw the flag pattern on the daily and then I saw it form on the 5 minute chart. I missed this trade and learned a lesson to make sure I know what I am currently trading. Prodigio gives you a 100K account, I only had a 20,000 available, but because I was not paying attention Prodigio would not allow me to execute my trade. So I went down to 500 just to make sure I could keep notes on this trade, and also to teach myself a lesson to be aware of all activity I am working, because I would have still been able to make money off this stock.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-12-12 11:04:47 | CLVS | buy | $36.910 | long |
| 2016-12-12 11:04:50 | CLVS | buy | $36.900 | long |
| 2016-12-12 11:05:38 | CLVS | buy | $36.882 | long |
| 2016-12-12 11:05:38 | CLVS | buy | $36.870 | long |
| 2016-12-12 11:17:52 | CLVS | sell | $36.940 | 0 |
Comments
byers7181_BOWS
Yes that will be the size of the account I will be trading with. That's why this wasn't the trade I wanted to take. But it was good because I have to be aware of what active trades I have out there.
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Hi Kellie. I noticed that you sat through about a 12 cent loss to make about 5 cents on the trade. I'm not sure where your stop was, but nearest support was around 36.60, which would be around a 30 cent risk for your 5 cent gain. This could be because you have a variation of the BOWS system, you bought too high causing you to sell too quick, or you had too many shares. Position size, as you know, is really important. You were in trades for your full 100K in Prodigio. Will you have 100K when you live trade? If so, rock on! Otherwise, suggest you trade sizes commensurate with your actual live trading account so that you can focus more on the patterns and exit reasons rather than how much the P&L moves.
I like this daily chart as well. You didn't get much help from the sector on this one, but if you were planning to trade CLVS, maybe there was a better entry that allowed a favorable R/R? Using hindsight, which is always easier, I thought this would have been a good entry with controlled risk --> http://screencast.com/t/0604sotvbySw
Just my thoughts.