breakout pullback on bounce off of old resistance on the daily. Bought into stock once I saw 9 ema curling up under price and about to cross above the vwap, price pulled back near vwap/ 9 ema then a green candle held that support. Bought in on next candle which was showing a sign of strength. Price ended up pulling back and I was stopped out. Didn't get the best entry; it was pretty far away from my stop. Plus, I should have expected a deeper pullback/longer consolidation on a stock than run up almost $ 2 dollars prior to my entry. After looking at the 30 minute chart, I saw that the stock was bear flagging yesterday. However, this stock gapped up at the open, negating the flag breakdown I saw forming on the daily and 30 minute charts. This was the cause of my loss.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-12-13 10:07:00 | ADSK | buy | $80.160 | long |
2016-12-13 10:36:00 | ADSK | sell | $79.700 | 0 |
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