Shared by
sk6345
Price made a clean gap out of flag pattern on the daily. On the intraday chart, it made a quick pullback to the 9 ema where it found support. Entered as soon as I saw a green candle holding. Price hovered around this area for some time, making several attempts to break beyond the vwap but failing every time. Price started pulling back and I exited on emotion as an attempt to lesson my risk. Price began to run soon after. It was a good thing that I noticed that price kept failing at the vwap. My mistake was not seeing that price was also making higher lows and the 9 ema was coming up under it causing a tight coiling. These are the characteristics of a flag pattern. I should have know that price was about to break to the upside based on this.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2017-02-09 09:54:00 | CXW | buy | $31.060 | long |
| 2017-02-09 10:23:00 | CXW | sell | $30.940 | 0 |
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