Shared by
Boston
This was a good setup, but I traded it wrong. Since this was a MOMO stock, being over extended didn't have too big of an effect. It made a big flag on the 5 min chart and I had confirmation that this was working. I got in a little late, and I didn't place my stop where it should have gone which was the low of the breakout candle. I was focusing heavily on the PNL and didn't want to end the day red, but you need to risk in order to gain something. Traded poorly on this one.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2017-03-24 11:19:02 | HTGM | buy | $11.590 | long |
| 2017-03-24 11:22:12 | HTGM | sell | $11.450 | 0 |
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14 cents on an $11 stock seems a bit too tight. You're going to get stopped out a lot in that case. Try decreasing the number of shares and increasing your stop loss. This will keep your risk the same.