Shared by
charlesk_BOWS
looking for the MAs to push it up and fill the gap and it just never did.
Update
I think I should label this no setup... what is the setup?
Its not a triple tap which I had originally labeled it.
its not a flat top... which is essentially a triple tap or a flag.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-01-07 13:25:00 | ARMH | buy | $52.324 | long |
| 2014-01-07 13:49:00 | ARMH | sell | $52.270 | 0 |
Comments
kunal00
whoa this stock had like 10 green candles before u bought.. thats not a setup. and most of the dead cat bounce had already gone under way. ith ad bounced 80 cents and had 20 cents left to hit the big sell spot. that is a negative reward to risk ratio along with the fact it had already been grinding higher without rest for the last 10 candles
Sayed
This type hardly works anymore. I just pass now.Ideal entry was that 1-2-3 around 52.
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On these plays, I find the VWAP to be the ma to follow. And in this case it did bounce off that VWAP. When you bought, it was far from the VWAP and had had a run up a bit already - it needed a breather there. It also got pushed down by the 50ema as it's ceiling - need to be wary of that one too.