Shared by
markmandy54_BOWS
Great Flag on daily and looked ready to go, Intra day high and tight pattern with nice vol pattern. Longed on B/O with a stop under rising 8MA and under recent intra support with a 3:1 R:R. I feel was a great setup, great trade, with a great stop that just didn't work. Ok with this loss on the books.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-07-16 09:46:46 | WLL | buy | $49.370 | long |
| 2013-07-16 09:50:09 | WLL | sell | $49.090 | 0 |
Comments
Nape_BOWS
Entry wasn't good. When that flag had formed and broke the flag to the downside at $49.20 it was a short.
JoJoTrades
markmandy54_BOWS
Nape, what wasn't good about it? it looked like a intraday flag B/O and had the volume to confirm and when failed below the rising 20MA i bailed. What time frame are you looking at that gave you the short at 49.20? I didn't see that as a short until it was too late.
See on the 5min chart where you sold at.. The next candle is green then the next candle after that was red, you have a bear flag pattern there around $49.20.. as soon as it crack to the downside, that was your signal to short.
when your entry is at the very TOP of a big wick in a red 5-min candle...it probably wasn't good. then again I'm a scalper, so...
I bought the B/O above the trendline break but as soon as it failed and closed the 5 min candle back under the T/L, i should have become more suspect and bailed at 49.20 level as i do see the bear flag hindsight. Thanks guys. Really appreciate the feedback!!
ckz8780
IMO your entry was fine. It just faked you out. It had huge volume and broke the flag to the up side then failed to hold it by the close of the candle. In terms of the entry, if the breakout had held it would have been perfect. It wasn't a bad entry, just a failed B/O.
Awesome, thanks Chris. That helps a ton as that was my thought process. I'm really trying to work on allowing trades to work themselves out as i have a bad habit of taking it off for small loss as it normally wiggles.
That green candle on the open was a huge move. It pop from $48.60 to $49.50, that's almost a $1.00 move in 5min.. I think you got in the trade a bit early, not giving the stock time to rest after that 90 cent move in a single 5min candle. You should of gave the stock a bit more then 15min before entering the trade IMO.
Totally agree Nape, at the time it looked like it was at the apex of flag with the rising 20MA coming in acting as additional support but may have been a little early but if it was real i probably would have missed it. I need to figure that out as i seem to be too early and get stopped or too late and miss the move.
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Lots of this action today. I saw this on at least 5 stocks I either traded or was about to trade and then decided not to, with these big spikes up on heavy volume and then zero follow through. Tricky to trade these kinds of setups when the market is green for 10 days in a row.