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amd2709BOWS
rfe: bear flag, r5.06 s5.3, sto 73, bows chatter
stop 5.05
target 5.20
concerns: dip gets bought, 2tfta
intended to sell @ 5.15, bought instead.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-04 14:48:00 | JCP | buy | $5.100 | long |
| 2014-02-04 14:54:57 | JCP | buy | $5.148 | long |
| 2014-02-04 14:54:58 | JCP | buy | $5.150 | long |
| 2014-02-04 14:55:29 | JCP | sell | $5.130 | 0 |
Comments
EL_BOWS
It can be tough to long a stock that's been getting ruined all day, but if you're going to try, this was a pretty good entry really. It'd found a bottom at $4.90, and then squeezed up over the MAs. There was some volume coming in as it broke over the MAs where you bought, which is a good sign, and your risk was really low. On a trade like this, I try and take profits really quickly because there's not that much time left in the day, and you're going against the trend of the day.
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were you planning to play the bounce? from the daily chart, this stock is in downtrend and it's been going down since open.
what I would think to play on this one based on that will be short (find weakness and short again after bounce) unless you see a sudden spike with unusual huge volume.
however the odds by going short or long either way are not in our favor. if you play short, it might have already been too extended. if you play bounce long, how far you think it could go up with this downtrend stock and overall down market?
basically I think you might be able to find other better play out there.