Daily support around 49.50 area. Intraday panic selling with capitulation volume. Looking for snapback to MA's. Target +.60, +1.20. Rejected at 50 area and started to roll so took off as i've learned if these don't rip off the lows to test the falling MA's, they tend to fall lower allowing the MA's to catch up.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2013-10-09 09:55:35 | DDD | buy | $49.380 | long |
2013-10-09 10:07:20 | DDD | sell | $49.720 | 0 |
Great entry for the long. Any reason you didn't play the short later in the day? It looks like a bear flag. Probably could have played the short after it broke the price support at $49.65/MA's pushing it down.
I can only trade the first 1.5 hours and then off to work so i miss a TON all day....it kills me.
Gotcha. I am in the same boat. I can only trade from 9:30am to noon (ET). I wish i could trade to whole day, but work calls. Hopefully one day though.
Knife catching again. These trades are extremely difficult even for experienced traders. Even if you do get good at them, the reward is minimal compared to waiting for another trade in line with the trend. you took 34c profit. If you played the trend you could have taken $2/share about 40 min later. Not to say this was a bad trade, you hit it in the right spot it seems but you really never know, so IMO this is just gambling. I suck at it personally!
not sure on this one if the juice is worth the squeeze.... if ur knife catching for the risk u take u should be taking in dollars... most rubberband type setups the inherent probality in them is less but u make up for it with a good reward to risk ratio if it starts working in ur favor
I agree with everyone. This was the original way i was taught to trade and was the "bread and butter" that i failed with. I think it's safe to assume that due to old habits dying hard i need to take this strategy out to the wood shed and put er down..... i'll miss old yeller.
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good entry