Shared by
markmandy54_BOWS
Daily didn't really see the setup as gapped up into resistance but intraday looked strong so Long. Stop -.80 under B/O area. Target +1.60 for test of highs. At +.60 moved Stop to Break even. Printed some tall wicks under intraday highs which said to sell so took off as a scratch.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-09-16 10:53:41 | SOHU | buy | $68.780 | long |
| 2013-09-16 11:07:42 | SOHU | sell | $68.910 | 0 |
Comments
bethomas47_BOWS
How about buying around $67.30 just above last red candle and go up until 70 resistance?
markmandy54_BOWS
Kunal, is 70 huge resistance because it's the 52 week high that was only rejected 1 time? I drew my resistance trendline on daily around 67.25ish thinking the most recent resistance area was the breakout spot (especially with the amount of volume the 1st hour of trading). Is that not correct thinking?
http://screencast.com/t/ebKIkIb7Ukn5
Nice entry at 67.30, i'm finding i need to be much more cognizant of those Pullbacks to 30 min support and rising MA's on the 5 min. I can only seem to find the perfect entry spot when reviewing my trades.
Beth, yes, i would have loved to have had the foresight to buy the lows and sell the highs.
bjstrade9_BOWS
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because 70 is such huge resistance..i wouldnt start a new position there.. Its an ADD spot to add a few more shares to really bring home the big gain..but i dont see any setup there where i would take a starter position...... i added in that area 250 shares but ihad a 67.3 average so avg higher is ok...i get more rooom.