Shared by
ckz8780
Morning flag break. Perfect entry and nice sells with a stop under $27.80. After selling the last portion of the first trade I decided to scalp another push out of it at $30.14 with a stop under $30.00. I left 200 on the table for one more push through $30.50 but I was getting a little greedy there considering it was sitting at price resistance, the 20dma and the 50dma not to mention a round number. I had stopped watching it since I only had lotto shares left and didn't manage to catch it til it flushed, so I gave back about $80 in profit. Nice trade overall. I do see another add point around $29.30 that I could have taken advantage of before my first sell.
500/1000 shares
+$517.00 (3.58%, 0.96%)
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-10-03 10:32:23 | AWAY | buy | $29.070 | long |
| 2013-10-03 10:55:22 | AWAY | sell | $29.580 | long |
| 2013-10-03 11:01:14 | AWAY | sell | $29.860 | long |
| 2013-10-03 11:09:33 | AWAY | sell | $30.110 | 0 |
| 2013-10-03 11:32:47 | AWAY | buy | $30.140 | long |
| 2013-10-03 11:39:20 | AWAY | sell | $30.340 | long |
| 2013-10-03 11:53:34 | AWAY | sell | $30.430 | long |
| 2013-10-03 12:03:52 | AWAY | sell | $30.040 | 0 |
Comments
youngmoola000
Hey Chris, Your sells are always great and I see you held through the initial pop on this trade and didn't start selling until the second thrust. How do you determine when to start taking profits? Do you have any rules to guide your selling or is it just gauged by the stocks momentum?
ckz8780
Really it's based on how much I risked initially. If I had a 30c stop like I did on this one, I knew I was gonna lose $150 or so if it failed, so I didn't want to sell any until I had at least 150 in profit. It's not a hard rule but I just kind of watch the stock and decide, after it breaks out, is it holding the breakout? Did it come all the way back down to the break point and get a little quirky or did it hold significantly above it and just chill there? If it's holding and acting well, volume is light, and it's just kinda chillin a good amount above the breakout spot, then I see no reason to sell tiil the second thrust. If it's a wild and crazy breakout like on something like KNDI or one of these crazy low float momo stocks, I will sell a lot faster because those are likely to give back gains really fast. In this case AWAY is a pretty well-behaved stock so I knew I could hold.
Also, I consider, especially since I am usually buying a secondary breakout like this bull flag, how big the push was going into the first consolidation. If it was a huge push like this one was then I know the stock has potential to rip and I want to give it a chance to do so, not sell it for 15c just because I have green on my screen.
youngmoola000
Thanks for breakdown! Really helpful
markmandy54_BOWS
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thats the money maker right there... perfect entry on the flag break...