Big move off open and Pullback just above previous day highs and rising 9MA. Waited for confirm on bounce to enter. Stop -.15 (below 20MA and previous day highs) and target of +.20 (just under the even number 4) and +.45 on rest if this thing got some momo. At +.13 raised stop to under the 9MA and VWAP and got stopped out.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2013-09-16 09:51:13 | ZHNE | buy | $3.760 | long |
2013-09-16 10:35:30 | ZHNE | sell | $3.710 | 0 |
I felt entry was great as P/B to MA and confirmed on bounce and hit it quick. Totally agree with taking partials at +.10 (intraday highs) however i notice that skews (and screws) my R:R. But better to take partials and to take away risk then keep 100% risk when put trade on.
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On the 2 minute chart, should have started scaling out as it tapped the 2nd time at 3.86 or so, and moved stop up to buy price as well. Then you would have been stopped out the remaining shares at your buy price as it went down.
Even if stock does go past breakout on the 2nd tap (and sometimes 3rd) it's always smart to scale something out to lock profits.
Very tricky chart though... it is really hard to read, at least for me; all over the place.