Shared by
markmandy54_BOWS
I noticed this gapping into resistance but for some reason still pulled the trigger. In review was not a high probability trade buying into resistance. Intraday looked strong as bounced right back and on strong volume. Stop was -.15 the first time and once got stopped out and price bounced right back, attempted again with wider stop of -.18 and got hit again.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-01-27 10:44:22 | MM | buy | $7.670 | long |
| 2014-01-27 10:52:56 | MM | sell | $7.540 | 0 |
| 2014-01-27 10:57:36 | MM | buy | $7.650 | long |
| 2014-01-27 11:04:46 | MM | sell | $7.440 | 0 |
Comments
johnc_BOWS
Tough day for longs indeed. On days like this, I tend to avoid longs unless it has bottomed out and is starting to squeeze to the upside. Also, just a heads up, I've noticed that stocks like this (and OXBT) have a history of opening strong and then fading to a lower price. Check out the daily.
markmandy54_BOWS
Yep, so obvious in hindsight. Ironically that's why i stayed away at the open and as soon as ripped back up, looked like the shakeout was done and thought this thing was going. This one was tuff for me today but you're totally right as every single daily candle has long tall shadows.
Not sure if this will help, but in my journal I keep a list of of "Stocks I Won't Trade." OXBT is one of them because I've lost so much money on it. The journal has helped me realize factors in certain vehicles that make them untradable for me.
Ya, u pointing out the fade really forced me to notice EVERY single daily candle reacted the same way.
oly_BOWS
Leave a comment about this trade!
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!
Tough day for longs. I learned the hard way.