The daily chart was kind of messy. I took it as a pullback bounce. On 5-minute chart, I entered on the break of that intraday flag, with a stop at 2.64. Since it stop was so close, I took 1200 shares. I wanted to let it develop, but it seemed to be in distribution for 20-30 minutes so I bailed when I saw 4 red candles in a row and I didn't see the dips getting bought.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2013-09-25 12:07:26 | FRO | buy | $2.720 | long |
2013-09-25 12:07:27 | FRO | buy | $2.729 | long |
2013-09-25 12:07:27 | FRO | buy | $2.729 | long |
2013-09-25 13:28:11 | FRO | sell | $2.780 | long |
2013-09-25 13:28:14 | FRO | sell | $2.780 | long |
2013-09-25 13:28:16 | FRO | sell | $2.790 | 0 |
It was messy. I played this as a pullback bounce on the daily chart and I saw the flag form intraday so I played it. Definitely a B- setup at best.
But I did need to post it because the shame prevents me from making bad trades!
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I still don't see a setup on this one. The daily chart is messy