Flat top breakout continuation on the daily. Entered into a pullback to 9 ema. Price spiked up. I chose not to scale out of this trade and exited completely instead because price had ran all morning without making a deeper pullback. I knew a vwap test was inevitable, so I didn't see the point in holding onto half of my shares for a home run.
This stock had been running for 5 days and it's stochastics were a 96. Price had been running all day. And, though it did make a couple pullbacks, it never actually made that deeper pullback all the way to the vwap. So, I was anticipating a breakdown. I saw price suddenly move below it's ma's and a red volume bar spike significantly after volume had diminished for some time prior. I figured this was the beginning of the breakdown I was anticipating and wanted to get in early. So, I shorted. price then pulled back and I was stopped out.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2017-02-10 10:46:00 | TAL | buy | $87.030 | long |
2017-02-10 11:35:00 | TAL | sell | $87.510 | 0 |
2017-02-10 12:53:00 | TAL | sell | $87.340 | short |
2017-02-10 13:04:00 | TAL | buy | $87.580 | 0 |
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