Shared by
sk6345
SPY gapped up into 20 sma on the daily. ORB on the intraday chart.
Stock had a second day continuation of a flag breakout on the daily. I entered into an ORB intraday, and got a horrible entry. Held on anyway because I saw price forming a flag pattern. I thought it would eventually break to the upside. It reversed instead and I was stopped out as soon as price failed the vwap and 9 ema.
My mistake was not taking into account the SPY had gapped into resistance on the daily. I should have taken trades with a bias towards the downside due to this fact.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2017-04-19 09:42:00 | SHLD | buy | $14.210 | long |
| 2017-04-19 10:15:00 | SHLD | sell | $14.100 | 0 |
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