Shared by
johnc_BOWS
Number of tickets: 2
Although this trade turned out to be a loser, I was fairly happy with it. I really took to heart an important thing about pullbacks (one of Kunal's first lessons in the bootcamp): Pullbacks should be orderly. YHOO dropped nearly 60 cents, nearly 2% in just 10 minutes. In order for the play to be valid, it needed more time or volume.
My original thought at my entry was that the green candle cleared that first red candle so it should be good to go. This thinking would've been valid if this was a strong breakout or a pullback bounce of a hot, uptrending stock. However, YHOO is lukewarm.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-10-29 10:18:26 | YHOO | buy | $33.660 | long |
| 2013-10-29 10:18:28 | YHOO | buy | $33.660 | long |
| 2013-10-29 10:27:03 | YHOO | sell | $33.390 | long |
| 2013-10-29 10:27:08 | YHOO | sell | $33.390 | 0 |
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Chase for P/B bounce play, great stop though.