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Goku_BOWS
Daily Setup: Break over 62 level, w/ Berkshire purchase news
Intraday: Pullback to support (15 minute)
Bought a bit late for a pivot on the 8ema on the 15. added when it had two inside 5s and broke up, no follow through even w/ market a bit stronger at that point in time
Entry:15 minute 8ema pivot, add w/ two inside 5 candles breaking up
Stop: Pivot low
Targest: 1:1, HOD, trail
Successes: Had technical setup, good patience, small first entry since late, and added w/ more confirmation/setup
Areas to improve: Consider not taking since it's a secondary move and already retraced over 50% of move. May need to wait until above 8ema on 5 or VWAP for more confirmation of this type of move. Wait for confirmation or get better price?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-03-08 10:24:00 | OXY | buy | $62.500 | long |
| 2023-03-08 10:35:00 | OXY | buy | $62.620 | long |
| 2023-03-08 10:43:00 | OXY | sell | $62.150 | 0 |
Comments
kgauvin25
I tried this same exact trade 3 candles before your entry at this 10:10 -10:15 pivot. I only put a feeler in and actual trade never triggered so walked away with tiny loss, but those damn Fees made it worse lol.
Entry off the open though man what amazing R/R that gave.
- To be able to get stock in $OXY for like 10 -15 cents risk (forgot exact amount) with Big Buffet catalyst at a Great Daily Inflection Level with Daily 8/21 Catchup ---> this was a great opportunity to study.
- Only counter was extended at the open so could get a lot of size with super small risk just cannot be too big as chances of fake out are high so need to be able to reenter.
- When looking back at this opening drive setup, if the 8 EMA had caught up to open (less extension) and all other factors the same, definitely would have been load the boat type scenario
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I like the trade.. i think the market weakness didn't help here though.. good trade idea overall