Shared by
jj_BOWS
This was my first trade of the day. I have not had much time to trade this week & it's killing me. I thought my entry here was very LATE but also spotted this as an area of support using my 9 & 20EMA's and the VWAP & the 5 min chart. Had my limit order to buy 500 shares at $10.47 and got filled. I sold right when I had to leave my computer for a bit & I would have loved to stay and watch this play out longer as it continued up right after I exited my position. Realistically had I stayed to play this one out I think I would have let it run to about $10.70 or so as that was kind of my initial target going into the trade. High of the day was $10.85 and I figured it could hit that given the bullish daily chart.
Q for review- if you know you have to leave would you put in a trailing stop order or just close it all out & take a small profit even if it means giving up the potential for the bigger move?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-01-22 13:13:59 | SCMP | buy | $10.480 | long |
| 2014-01-22 13:15:52 | SCMP | buy | $10.470 | long |
| 2014-01-22 13:15:54 | SCMP | buy | $10.474 | long |
| 2014-01-22 13:15:56 | SCMP | buy | $10.474 | long |
| 2014-01-22 13:57:12 | SCMP | sell | $10.590 | long |
| 2014-01-22 13:59:06 | SCMP | sell | $10.590 | long |
| 2014-01-22 13:59:06 | SCMP | sell | $10.590 | long |
| 2014-01-22 14:01:32 | SCMP | sell | $10.595 | long |
| 2014-01-22 14:01:32 | SCMP | sell | $10.594 | 0 |
Comments
JoJoTrades
sweet entry with those Limit orders. this thing looks like its thin and trades liek shit...spread prolly sucks. that limit buy order got you a real sweet price. the setup? easy. support-area + buy after some panic dump for a pop back up. the sells at 10.59 actually don't look so bad, as a safe exit, as 10.60 was resistance. then again, if u were able to sell at the Bid at 10.59, it was basically already going over resistance to pop up further...
anyway this thing looks sketchy and looks like they can drop it on em at a moments notice if they want to
jj_BOWS
Exactly - the set up was an after-lunch bullish continuation and I set my buy on the dip near support. This helped limit my downside. The way I figured it - risk 5 cents and get stopped out around $10.42's and play the upside to $10.60 or more. My key target would have been $10.70 if either to stock moved up faster or if I had more time to play it out. My reward to risk was a min. of 2/1 so it looked like the right place for my limit order to be placed.
@ScalpTrade - the bid was holding at $10.59 for a bit & right after I sold and went to close my computer I did see it push through $10.60's. The spread was narrow during this time even though the volume was light. Just wish I had more time today.
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I don't really see a setup here even though it worked because u had good entry with minimal risk..Daily is stuck on a range.
If you have to leave you can use either combination.