Shared by
kylejensen34_BOWS
Daily Setup: 20SMA bounce continuation through previous flag consolidation
Intraday Setup: Pullback to 20EMA
Entry: $11.16 Target: $11.30 Stop: $11.12 r/r: 3.5:1
Detail: This was a low risk/high reward anticipatory bounce play. Bought after large volume bar spiked price to form a triple tap trendline, and then had a low volume pullback to support. Bought after price bounced off of 20EMA and back to VWAP, then stopped out when it failed to hold the MA.
Takeaway: This wasn’t a high probability setup, but I liked the reward/risk ratio to the trendline with the added large updside if the price broke through the trendline.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-11-04 12:18:34 | KERX | buy | $11.160 | long |
| 2013-11-04 12:18:56 | KERX | buy | $11.160 | long |
| 2013-11-04 12:24:53 | KERX | sell | $11.120 | 0 |
Comments
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Setup wasnt there. It never flatten out to give you a pattern to long it.