Shared by
TheCAG_BOWS
First Trade: I chased ALTI. It was a silly move. I saw the huge move in the morning and didn't wait for the pullback for confirmation.
I hung on for a bit when I saw an Intraday Flag forming on the 5 Min.
When it was clear that it was not going to break up, I sold off.
Second Trade I completely admit to this being a revenge trade but it was also a good chance to try out something I learned in class. I noticed as soon as I sold off the stock spiked up and started Flagging (Pennant). I remembered MB said to beware of afternoon moves as they tend to breakdown. So I went in Short as it reached the apex. My Stop was at the Flag's high of $7.20 with a Target of $7.05. R/R of about ~2:1.
I didn't come close to making up for the First huge loss but I felt restored a confidence a bit.
And of course after I closed out it made a huge run.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-10-14 09:48:56 | ALTI | buy | $7.215 | long |
| 2013-10-14 11:27:30 | ALTI | sell | $6.720 | 0 |
| 2013-10-14 13:13:35 | ALTI | sell | $7.148 | short |
| 2013-10-14 13:13:55 | ALTI | buy | $7.020 | 0 |
Comments
markmandy54_BOWS
kunal00
big chase.. daily is too extended. for your experience this type of stock also might be too wild for you right now. Unless you are in and ready for war ready to slaughter small chilidren this type of wild stock will get you. your focus needs to be extraordinary
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daily chart to extended to long it. this could be a short tomorrow.