Shared by
BillySee_BOWS
I sold the 1st 100 very fast to cover fees and a minute profit, stopped out of last 100.
This was bought a flag break, a better entry would have been a little earlier @ $46.40 but I thought I had waited for confirmation by waiting on the 2nd candle after the break.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-01-03 10:55:09 | VJET | buy | $46.669 | long |
| 2014-01-03 10:55:10 | VJET | buy | $46.669 | long |
| 2014-01-03 10:56:19 | VJET | sell | $46.770 | long |
| 2014-01-03 11:05:05 | VJET | sell | $46.500 | 0 |
Comments
CharlesPowers_BOWS
I like your quick exit, good move. getting out of a bad trade is critical, I learned that the hard way.
BillySee_BOWS
I'm not disagreeing with you. But see how different my intra day chart below looks compared to this TraderVue chart.
http://screencast.com/t/x0vsKyXIVt
I bought on the flag break. I realize the flag broke at $46.35ish, but I THOUGHT by waiting for confirmation was a more conservative entry, giving up .25-.30 cents initially being the downside, but the upside is confirmation of the break holding. (Obviously nothing is ever 100%, but is my thinking completely incorrect?)
Using the chart below as an example. The actual flag break is at $45.65ish, confirmation at $45.85ish. This time the flag breaks holds and a nice trade follows. What should I have noticed to keep me out of the 1st break. Incidentally I had this on watch and was waiting on another entry. Notice the time (12:30), I had taken a lunch break. 3 stocks I had up on intra day charts broke during lunch (Oh Well, The Market forgot I was taking a break. I'm sure it won't do that again (lol) ).
http://screencast.com/t/1E5M2pCDblA2
Again Thank you very much for this discussion. What I great way to learn! (-:
I may be wrong, but here is where I see the flag.
http://screencast.com/t/n2bhqRUcA
The buy point I would have used keeps me close to the stop (bottom of flag), I find I lose less money on failed trades by only entering close to the stop, waiting for 'confirmation' usually puts me too far away from my stop, I can't go in with any size. I prefer to stay close to the stop and 'anticipate' the move. But that is where my comfort zone is, I don't trade flags much so don't put too much stock into my thoughts, but I am having a hard time seeing any of the flags you describe on this days trades. Again, probably just my lack of experience with them.
Nape_BOWS
@BillySee,
Before you entered the trade, it had already moved from $45.31 to $46.89. That is a $1.58 move...http://screencast.com/t/yfuziDa5luuu
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Late on entry.