Shared by
oly_BOWS
As I recall, this was called out by z-man. ONVO had a big runup on the open and was flagging around 5.40. I chased a touch and caught the break at 5.44. I set the stop at 5.34 figuring I wanted to be in it if it was a clean break, otherwise just get out. I set size to 2000 as with all 10c stops but on a do-over I would use half as I was not as certain about this trade.
Entry: 5.44
Stop: 5.34
Unfortunately it stopped out and I lost exactly 10 cents.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-08-09 09:45:34 | ONVO | buy | $5.440 | long |
| 2013-08-09 09:53:19 | ONVO | sell | $5.340 | 0 |
Comments
oly_BOWS
wow really good point Tony, I totally missed that. In hindsight I would say leave the break alone and had it cleared the flag cleanly, I could wait for a pullback to that level or below 9ema as I like those.
Very good point, I've been too loose confirming higher time frames when checking callouts from chat
Nape_BOWS
I agree with you Oly on going in half size, because it was a bit away from its MA's when you got in. But it wasn't a bad attempt IMO.
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Good and safe R/R ratio. Worth a shot for some nice upside potential. Only thing I see looking back in hindsight was that it was gonna struggle for a short bit at the 5.40 mark. That is where it closed right before the big gap down about a week ago. A lot of bag holders were going to be selling once they got back to even.
Maybe a looser stop was needed. Or waiting until it showed it could sustain a move above the 5.40 mark for at least a candle or two.