Shared by
johnc_BOWS
Szaman had this on a list of stocks that were doing OK despite today's choppy market. However, I didn't ask him what his setup was. Played this as a continuation of the pullback bounce on the daily chart. However, it looks like GDP has a history of having small pullbacks before continuing to run up.
This was a bit of an experimental play intraday. I've noticed that daylong consolidation plays setup powerful moves the following day, so I tried to play this as a 2-day long intraday flag. I entered when it looked like it's in accumulation. Set a stop below 27.45. (Exited to free up capital... it was a mediocre setup, no buying pressure, low volume accumulation, daily setup was misplayed).
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-10-04 10:57:36 | GDP | buy | $27.820 | long |
| 2013-10-04 10:57:43 | GDP | buy | $27.810 | long |
| 2013-10-04 11:13:10 | GDP | sell | $27.700 | long |
| 2013-10-04 11:13:10 | GDP | sell | $27.710 | 0 |
Comments
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No volume on your entry, if was gonna run next leg, volume would pour in there.