Shared by
Ihor_Horovenko
Thesis: Cup and handle (ascending triangle top block style handle) pattern has been formed above recent multiday 300-302 consolidation zone.
Stop: Placed my stop-loss below resistance line of a cup top. Draw the line from 1st cup top.
Entry: I have entered position above resistance line.
Targets: measured move of handle + MM of whole cup.
Comments: Entered to early.
Lessons: Had to wait for a breakout candle close on above average volume clearly above pattern handle resistance line. Once stopped out, had to be prepared to re-enter again by using recent highest candle top as a pivot point. This becomes a standard good practice for me, so I had to be more patient.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-10-04 11:39:24 | META | buy | $304.540 | long |
| 2023-10-04 11:39:26 | META | buy | $304.540 | long |
| 2023-10-04 11:41:15 | META | sell | $303.930 | 0 |
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