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markmandy54_BOWS
Nice flag base on the daily. Intraday ripped and i missed it. Sat patiently waiting for a setup to get in. Flagged with the 20MA rising and textbook volume pattern of controlled selling. SPY was flagging as well and all systems looked like a go. Started to move to upper range of intraday flag, Long with stop under recent candle lows and under 20MA (-.40). Looked like flag was breaking down and hit my stop to the penny.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-08-05 11:08:15 | SCTY | buy | $44.650 | long |
| 2013-08-05 11:21:12 | SCTY | sell | $44.250 | 0 |
Comments
kunal00
ur buy was fine it never violated support u just sold it but didnt need to. held vwap whole day
AnthonyC_BoWS
This was one of those situations where you and I have been setting our stops just a little bit too tight. I see what you were going for here, but the .02 below the recent low may have not been a big enough buffer.
I think the wise money play over the long run is to sacrifice a few more pennies here and there to catch that one big rip. I'm thinking of one trade in particular where I stopped out by .04 and it ripped $5 higher that day! If i could simulate that exact setup infinitely and let it play out naturally, in order for my stop placement to have been more profitable in the long run, I'd need to have been right 125 times for every time the stock ripped higher. (500/.04)
Very tight stops leave no margin for the small amount of randomness. Remember what Kunal said - charting is an art. Not a perfect science.
markmandy54_BOWS
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Yeah the play was the opening range break. After that volume was pretty much over to push it higher.