After failing to break down from the big bid setup, CPB reclaimed the 34.50 level and even retested it without breaking. It appeared to be curling up and a lot of shorts were probably piled in, so when I spotted a tight R:R setup to get long, I did. Could have added more shares as conviction grew but aired on the side of caution as I had already taken two scratches previously in this ticker. I took partials once I was up nicely and it started hitting some sellers, then took more off before the 35 break. I kept my stop for the last 1/4 at 34.70 but in hindsight, breakeven would have been better since it naturally needed to retest the breakout level, 34.60. I was stopped out of the rest and it went on to break 35. Next time I will give it a little more room and add in when conviction grows/take more shares initially since I was only risking 7c (34.49).
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2018-05-18 09:58:21 | CPB | buy | $34.560 | long |
2018-05-18 10:02:26 | CPB | sell | $34.830 | long |
2018-05-18 10:03:52 | CPB | sell | $34.940 | long |
2018-05-18 10:11:58 | CPB | sell | $34.700 | 0 |
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!