Shared by
johnc_BOWS
This bounced off price support (73.92) yesterday, so I played it as a continuation of the bounce.
(1st entry)
My entry was too early-- I played it as a red-to-green but I don't think I played it correctly. Textbook red-to-green plays are supposed to washout in the morning after closing near highs the previous day. GMCR didn't close near highs, but it did consolidate all-day. I exited when I realized my red-to-green play wasn't valid.
(2nd entry)
I bought as it went towards the higher end of yesterday's base. I didn't buy on confirmation, but the volume did appear to come in. I sold 1/2 to take some profit. However, I sold the 2nd half at the bounce spot because that big red candle made me anxious that it might bear flag before I could take more profits.
Lesson:
I'm still having trouble being patient and letting these develop before taking profit. It had a strong run today, and I settled for $100 when I could've made $300. The SPX bounced today, so I should've trusted my instinct that this stock could run.
Let the pattern develop, sell at your buy price unless the stock really looks like it's not gonna do much more after a couple of hours.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-10-01 09:33:49 | GMCR | buy | $75.070 | long |
| 2013-10-01 09:33:49 | GMCR | buy | $75.080 | long |
| 2013-10-01 09:39:38 | GMCR | sell | $74.820 | long |
| 2013-10-01 09:39:38 | GMCR | sell | $74.810 | 0 |
| 2013-10-01 09:42:10 | GMCR | buy | $75.230 | long |
| 2013-10-01 09:42:10 | GMCR | buy | $75.230 | long |
| 2013-10-01 10:11:00 | GMCR | sell | $76.020 | long |
| 2013-10-01 10:51:05 | GMCR | sell | $75.875 | 0 |
Comments
markmandy54_BOWS
bjstrade9_BOWS
johnc_BOWS
Nape - daylong consolidation that ran into the following day and broke out. Please see my explanation up top.
BJ, I've found that the more detail you put into explaining your trades, the more you integrate the lessons into your actual executions.
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Not seeing the setup on 1st entry..