Shared by
oly_BOWS
This was flagging on the daily after an earlier gap up. It looked strong in the morning and I thought it was breaking the flag. I waited for a pullback and got one through the 20. I wonder if I should have taken the pullbacks all being 20s today as an indication, still had a good day overall. Entered as it resumed through the 20 ema.
Entry 52.62
Stop 52.42 - a little tight but seemed like the resumption was strong and I hate obvious stops
Target 53.02 (53.05 actual) for 1st half, 2R and below the very recent high on the 5m chart
First target hit cleanly and made some nice profit on that. It reversed and eventually I got out for a scratch on the last half.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-08-12 10:33:40 | YELP | buy | $52.590 | long |
| 2013-08-12 10:57:05 | YELP | sell | $53.050 | long |
| 2013-08-12 11:23:15 | YELP | sell | $52.620 | 0 |
Comments
kunal00
good job! ur good at these type of plays
oly_BOWS
Thanks guys! I think I got complacent once I knew the stop was b/e. I should have bailed when the chart told me to and not hoped for a bounce - got to get my average winner size higher.
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Great job waiting for P/B to get long, nice entry, great 1st exit. Once it started to roll and closed below the 9MA, that is a clue to be aggressive with raising stop.