Shared by
johnc_BOWS
Bear flagging on the daily chart. Daily 9ema was at 91.32. A few buyers tried to break above it, but bears are still in control of this stock. As with the best shorts, volume is clearly in distribution-- red bars are twice as big as green in this example.
My first entry was at .36, when it broke the 5-min 9ema. I added 100 shares when it seemed to break the 20ema and it looked like .40 was a strong resistance area (hence, a closer stop). My average price was 91.33.
2/9: This is how you play an intraday MA failure/base breakdown + daily bear flag.
My biggest regret is that I took profits WAY too early. I got nervous that it might reverse because the 20ema was right under and I thought buyers might defend that. **I should have trusted the setup... volume was clearly in distribution and all bounces were on very low volume (no more than 1-2 buyers).
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-12-24 11:00:13 | LH | sell | $91.360 | short |
| 2013-12-24 11:00:13 | LH | sell | $91.360 | short |
| 2013-12-24 11:00:23 | LH | sell | $91.360 | short |
| 2013-12-24 11:31:51 | LH | sell | $91.240 | short |
| 2013-12-24 12:25:41 | LH | buy | $91.250 | short |
| 2013-12-24 12:49:53 | LH | buy | $91.060 | short |
| 2013-12-24 12:50:31 | LH | buy | $91.060 | short |
| 2013-12-24 12:57:46 | LH | buy | $91.020 | short |
| 2013-12-24 12:58:22 | LH | buy | $91.020 | 0 |
Comments
johnc_BOWS
Thanks man. I chased on that add though because I thought it would break down and I knew i'd still have a good average. Could've gotten more shares on a better stop if I just waited... oh well
Rashod81_BOWS
Thank you for detailing your trades so well. It helps to understand your thought process. For the volume, should I be looking at the size of the bars or the number of successive bars? Depending on the chart of course. Sometimes I see large bars, like the green one that happened sometime around 10am, that do not have a huge affect on the price. What do large bars, green or red, with small price movements, up or down, indicate?
Hey Rashod, I answered your question here: https://www.tradervue.com/trades/755997
Sorry, I meant here: http://www.tradervue.com/shared/trades/755997
My bad I'm running on very little sleep
markmandy54_BOWS
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hey hey i like this setup a lot the way u got the entry. excellent