Shared by
johnc_BOWS
Assumption and Play:
Callout from the chatroom. Anticipated it would pop up since it held $3.53 and had a large green volume bar just before I bought it.
Outcome:
Stopped out.
Lessons and Mistakes:
I didn't really understand the daily chart, so I blindly took this trade based on the callout. Next time, I shouldn't take the trade unless I understand both the daily and intraday charts.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-09-09 10:17:32 | UNIS | buy | $3.550 | long |
| 2013-09-09 10:17:35 | UNIS | buy | $3.550 | long |
| 2013-09-09 10:17:35 | UNIS | buy | $3.550 | long |
| 2013-09-09 10:17:35 | UNIS | buy | $3.550 | long |
| 2013-09-09 10:17:35 | UNIS | buy | $3.550 | long |
| 2013-09-09 10:52:09 | UNIS | sell | $3.480 | long |
| 2013-09-09 10:52:09 | UNIS | sell | $3.480 | 0 |
Comments
johnc_BOWS
Mark, my lesson though (and I think Kunal has said this before) is that it won't make sense to take a callout if you don't understand it. Kunal takes trades for multiple reasons (e.g. 2-minute scalp, 1-hour play, potential daylong grinder, etc.) In this case, I had no idea what his plan and target were.
Another thing is that selling into the spike wouldn't have yielded much profit. Based on my stop, my first target was around .70. Kunal has recently emphasized that students sell too quickly, so I held on looking for a bounce, but got stopped out instead.
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Entry looks OK to me, especially if chat room call out, just need to sell partial into spike.