Shared by
johnc_BOWS
Assumption and Play:
Had this on my weekly watchlist. Continuation of PB bounce and it flagged on the daily just before the end of last week. Saw strong price action at open. Looked for PB bounce. Took smaller position than usual, since (per Kunal's advice) I've been focusing on the PLAY not the P/L.
Outcome:
Got the bounce I was looking for. Came in slightly too early, and it pulled back down just a bit farther to 9ema (instead of bouncing on the VWAP). 23.10 held and scaled out.
Lessons and Mistakes:
Again, I should've held the last few shares for a homerun. I'm not entirely sure how to do that right now since I've been taking smaller positions, and my "homerun trades" end up being worth $60-80 and $10-20 doesn't seem to matter too much to me.
Either way, I need to get in the habit of holding on to the last few shares. I sold off and it ended up rising another 50-60 cents by the end of the day.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-09-09 09:56:59 | CZR | buy | $23.200 | long |
| 2013-09-09 09:57:22 | CZR | buy | $23.191 | long |
| 2013-09-09 10:01:59 | CZR | buy | $23.200 | long |
| 2013-09-09 10:01:59 | CZR | buy | $23.200 | long |
| 2013-09-09 12:41:57 | CZR | sell | $23.550 | long |
| 2013-09-09 12:48:44 | CZR | sell | $23.680 | long |
| 2013-09-09 12:49:07 | CZR | sell | $23.680 | 0 |
Comments
johnc_BOWS
Good idea Mark. I'm gonna fix up my home office corkboard this weekend to add some reminders.
markmandy54_BOWS
Haha, I'll take a pic of my dual cork board reminders and rules. So many now that it's so inefficient. I believe now it's just getting hundreds and hundreds of hours in the chair just paper trading with Kunal and camp critiques.
Let's swap photos! I'll work on mine this weekend and email you hopefully on Sunday
Leave a comment about this trade!
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!
Good assessment as good entry but seemed a little early. Nice harvesting profits. Maybe write down a commitment to yourself that you'll keep 50 shares on and will only take off if original buy price is tested or at the end of the day.