Shared by
Brutto_BOWS
Bear flag. Stock had run all day. (got shaken out of a big move earlier) Now looked like it started a down trend into the close. Tiny candle was just hanging on the MAs and looked like it could go either way and had plenty of clear air beneath to go down so I took a shot. It broke up a few minutes later but the risk was low.
R/R 3/1
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-12-13 15:12:01 | ADBE | sell | $60.410 | short |
| 2013-12-13 15:20:39 | ADBE | buy | $60.520 | 0 |
Comments
Nape_BOWS
2013-12-15 10:44:27
Agree. It was in a bullish uptrend the whole day. HIGHER HIGHS, HIGHER LOWS Make sure you are checking the trend for the whole day. It will give you a better judgement rather you want to buy, or short a stock.
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First day gap up on news/pr. Opens strong in the morning, flags, creates several opportunities to get in, and never looks back making higher high's and higher lows. IN your case it still never broke trend and was BULL flagging not bear flagging. The stock was also on its first gap day and not overbought gapping up only 3$ and making a 2$ move intraday on a 60$ stock. Counter trend trading is risky and only for scalping purposes. A strong bullish stock like this usually will have a small quick correction like this before it breaks over ma's and makes a EOD closing on highs. Next time look for this to set back up on the long side EOD