Shared by
mirko_BOWS
$MGM was setting up for the flat top breakout on the daily chart so I waited for an intraday setup to develop and entered the trade at the flag breakout but had a too tight stop loss and got stopped out on a simple pullback to support before a small run afterwards.
Not sure what's the problem here but from what I see I can spot a setup and event play it but somehow either I tend to find not so responsive stocks or the reason (at least partially) is market choppiness lately?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-08-22 12:36:32 | MGM | buy | $17.720 | long |
| 2013-08-22 12:36:32 | MGM | buy | $17.720 | long |
| 2013-08-22 12:53:19 | MGM | sell | $17.670 | long |
| 2013-08-22 12:53:19 | MGM | sell | $17.670 | long |
| 2013-08-22 12:53:19 | MGM | sell | $17.680 | long |
| 2013-08-22 12:53:19 | MGM | sell | $17.670 | long |
| 2013-08-22 12:53:19 | MGM | sell | $17.670 | long |
| 2013-08-22 12:53:19 | MGM | sell | $17.670 | long |
| 2013-08-22 12:53:19 | MGM | sell | $17.670 | long |
| 2013-08-22 12:53:19 | MGM | sell | $17.680 | long |
| 2013-08-22 12:53:19 | MGM | sell | $17.670 | 0 |
Comments
kunal00
thsi stock wasnt clean. it also isnt a huge mover normally..se its daily range is like 40 cents for the most part..it didnt have much room to run since it had no catalyts in terms of fresh news or pr or antying so its just a regular technical breakout and even then like james had mentioned the intraday is a bit noisy.
AnthonyC_BoWS
Average volume has been pretty stagnant. As Kunal mentioned, this stock is a slow mover.
That being said, not a bad stock for a swing trade. Could hit 20 as next battleground, but seemingly would take weeks to months to get there and possible tap the 17 a few more times.
markmandy54_BOWS
Good advice from Kunal and James as daily looked great and even looked like it was ready to go intraday but failed.
kunal00
swing this bad boy!
mirko_BOWS
@NWJames:
Thanks man for a great explanation, really appreciate it!
I missed the fact that it's a noisy pattern, I mean I saw the stock dropping below and above the 9EMA and back and forth but did not see it as a sign of a messy pattern since from what I saw even in better setups stocks tend to drop slightly below the 9EMA and go back. Althought this one tends to do that more often and should have seen it, thanks NWJames!
@Kunal:
Thanks man, really helpful insight! Not sure how I missed the fact that the stock is not a mover.
What are the most important signs of a messy intraday pattern? I guess dropping below the 9EMA too often is one of them. I guess large irregular candlesticks are as well but don't see them here.
What would you say guys what's so messy about this one for example?
kunal00
actually this stock coudl be a good swingtrade! seems like that type ofs tock!
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Mirko, I used get got in these kind of stocks all the time. The pattern is too rough. Even though it is tapping the same price, the pattern is too rough or none existent. See how it continuously drop below 9EMA then back above it. Even if it was always above 9EMA, price pattern is noisy so there is no interest in stock beside the slight uptick in the open. If you see loose pattern like this don't trade it.