Daily: gap down, multi-month low
Intraday: bear flag
This is typical bear flag, pretty easy to trade. Stock has huge float though. I don't normally trade big floaters but I couldn't find many opportunities today, the charts looked good so I took it. Price moved super slow as expected. I just held and covered when it shown signs of reversal.
I missed an add on the 2nd bear flag break because price moved so slow. I couldn't tell if it was because of the float or the trend running out of steam.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2017-03-30 10:36:18 | CVE | sell | $11.630 | short |
2017-03-30 11:00:15 | CVE | sell | $11.620 | short |
2017-03-30 14:04:02 | CVE | buy | $11.360 | 0 |
Yes, new low immediately got bought up. I happened to stare at the screen at that moment and saw how fast the move was.
Additional factors:
- big green candle closing strong (I got out before it closed but I did wait and watch the clock to the minute)
- 2 PM EST is common time for a change of direction
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Hey Emilie,
What signaled to you that the trend was changing where you covered? Was it just the new lows that immediately got bought up and the 5min candle closed green? Thanks.