Shared by
Emilie_BOWS
Daily: bear flag break, sector momo
Intraday: bear flag (flagging below $33 and VWAP)
Daily didn't show strong setup but volume was big right out of the gate. I liked that the whole sector (X, MT, AKS, CLF) were breaking down.
I took first entry when it started moving further from VWAP. Stop above $33. Entry looked like a chase but I knew X could move very well and I didn't want to miss it. I added on the next bear flag break and moved all stops to $32.5.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2017-04-12 10:06:03 | X | sell | $32.650 | short |
| 2017-04-12 10:41:19 | X | sell | $32.250 | short |
| 2017-04-12 11:47:43 | X | buy | $31.480 | short |
| 2017-04-12 13:30:03 | X | buy | $31.370 | 0 |
Comments
Emilie_BOWS
I saw CLF first and looked at X. I prefer X among all the metals.
Yeah ideal entry would have been what you suggested but I didn't see this one early.
Float is ok but market is in choppy mode, I don't put too much hope on continuation play. If market is ugly tomorrow then maybe this one will have follow thru.
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Did you catch this via your 5% filter?
Where would your ideal entry have been - around 9:50-55 and $32.80ish?
I had this on watch for a long actually due to the daily chart trendline break potential but I wasn't mentally flexible enough to realize it could have been a nice short.
Are you looking at this for continuation tomorrow or do you consider this to be too large of a float? If it breaks the big level on the daily it could have another day down like this one.