Been watching this for a bear flag on daily but notice many names have been bouncing out of this pattern and squeezing the shorts. Named gapped up and held so long at apex of intraday triangle w/9EMA as support. Stop -1, Target +2, +3, +5.
At +1 moved Stop to B/E as new stop was below price consol and rising 9EMA. Began to stair step higher and looked really good to me, stopped out for tiny loss.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2013-11-29 10:18:18 | TSLA | buy | $129.220 | long |
2013-11-29 11:34:22 | TSLA | sell | $129.200 | 0 |
To warrant the risk i was willing to take, needed to run to my target to take off 1/2. This is where i'm struggling as when i don't take profit, they seem to turn just shy of my target, when i do take profit quicker then planned, i skew my R:R and miss the big run. Go figure.
On the 30-min chart, if you zoom out to 11/18 when TSLA took that nosedive, there's resistance right around 130.58, which is where the stock reversed on 11/29. When you see a big dump like that on the daily chart, I would recommend drawing support and resistance lines that extend to the present.
I like your idea, but in hindsight it makes sense why it didn't go.
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i like it! but you didn't take profit?