Shared by
oly_BOWS
With the overnight data, this was flagging overnight and pulled down through the 20 ema and was coming back above it as I entered. I put the stop near the low of the swing.
Entry: 55.9
Stop: 55.5
The price action convinced me to exit at 55.7 for a loss. In hindsight the overnight pullback was not so clean. It boucned at the 9ema overnight and failed, then bounced at the 20 and failed, then went under the 20 and I bought the run back up - it was acting weak and I shouldn't have been so eager. I'm lucky I only lost 0.5R.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-08-13 09:42:44 | LLY | buy | $55.900 | long |
| 2013-08-13 10:25:18 | LLY | sell | $55.700 | 0 |
Comments
oly_BOWS
For now I've been doing that at 2R, so 0.80 gain in this case or 56.7. But that is a bit far - maybe I need to have more flexible scale-outs if my stop is loose or if the market conditions are poor as they have been Tues and Wed.
markmandy54_BOWS
I'd rather exit partial for a gain and know it'll be a wash if rolls over so no risk then let a green trade go red....but still trying to figure out how to do that, lol.
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I think you need to look at taking partial profits off the spikes. I'm struggling with this and in my review am realizing that the intial +.45-+.75 thrusts on these types of plays need to be sold into to lock in profit, then those that run will run and those that don't get hit at B/E.