Shared by
johnc_BOWS
Note to self: when the SPX looks strong, set your stop at the buy price and RESPECT IT!
Szaman called this out in the chatroom. It appeared to break this flat top resistance. The breakout seemed like it would be strong because it stretched out 2 months back. (Which is why I should've really set my stop at my buy price and let the pattern develop).
I bought at the tightest point of the intraday flag. I didn't wait for confirmation because the SPX looked strong, the dips were orderly, and they were getting bought. Plus, it looked like it had a lot of headroom after this flat top breakout on the daily.
It went to 17.93, which seemed too high to maintain, so I took profit and sold 1/2. Unfortunately, I exited at support again... I should've set my stop at the buy price since the SPX was strong and I had a feeling this would run towards 18.10 (it actually surpassed my expectation).
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-10-01 11:07:46 | BITA | buy | $17.350 | long |
| 2013-10-01 11:14:13 | BITA | sell | $17.930 | long |
| 2013-10-01 12:00:16 | BITA | sell | $17.570 | long |
| 2013-10-01 12:00:18 | BITA | sell | $17.625 | 0 |
Comments
kunal00
17.50 is the support u need to be adding htere if u can!
markmandy54_BOWS
Killer entry! nice sell. Great advice Kunal, i forget to add back on the P/B to support.
johnc_BOWS
My corkboard gets bigger by the day. New 3x5 card reminder: "Don't Sell at Support".
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Good entry.. No reason to sell last few shares there