Shared by
Markmandy54
I really traded this poorly. 1st the short on the bear flag looked fine, decent stop. That trade i'm ok with.
The 2nd short attempt (as it made higher lows) is the one that i should not have taken, felt rushed and no real plan. I stopped out for small loss. I really felt like i forced the 2nd one.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-05 09:52:01 | DDD | sell | $55.150 | short |
| 2014-02-05 09:54:31 | DDD | buy | $56.100 | 0 |
| 2014-02-05 10:06:32 | DDD | sell | $56.220 | short |
| 2014-02-05 10:12:21 | DDD | buy | $56.840 | 0 |
Comments
jmoscate_BOWS
it was a gapper down with sellers in control. The first trade was ok. I agree that the second was not there.
Gena_BOWS
On these early plays (1st entry), I tend to use the VWAP as resistance, waiting for a dead cat bounce to that VWAP before shorting. Also on the 5min chart, it didn't have a p/b or set up really. Although the 1min and 2min charts do seem to have a mini-p/b's, so I can understand why you got in there. One thing to remember, the daily chart shows a strong price support around the 55.50 area, so shorting this close to price support could be risky.
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I was looking at this as well and would've executed exactly as your first one. Not sure why i didn't. Nice attempt though.