Shared by
EL_BOWS
Bought on break of previous resistance, sold into spikes. Second sell was an accident where I used the wrong order type while trying to set my target. Sold last few shares flat.
I seem to be starting at stocks, hesitant to buy on the break of flag: reason is that it feels like most times I buy on the break of a flag without confirmation, it pops and fades. There was no volume coming in on the first green candle (2 before I bought), so I didn't buy. Next candle, looked extended, no reason to buy, wanted to wait for confirmation. What's the right idea here?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-05 13:13:16 | FURX | buy | $115.260 | long |
| 2014-02-05 13:15:27 | FURX | sell | $116.330 | long |
| 2014-02-05 13:15:57 | FURX | sell | $116.650 | long |
| 2014-02-05 13:24:49 | FURX | sell | $117.270 | long |
| 2014-02-05 13:55:24 | FURX | sell | $115.100 | 0 |
Comments
Sayed
Yup whatever Nape said.Goof thing about anticipation entry is your risk tend to be lower.especially in a stock like this.
EL_BOWS
@Nape: see the wicks (to the upside) on 5 of the candles in the flag? What do you make of that when you see it? The first green candle looked like it was just going to be another wick to me: no volume. Second candle would've been a chase,
Nape_BOWS
The wick does not mean anything to me because your risk would have been so low on the flag entry, other than selling some shares there as that was a resistance level.
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When it started flagging above the 9ema and the candles started getting tighter and smaller; that was your sign that the stock was about to make a move. Your entry would have been low risk as it was flagging on top of the 9ema which was your line in the sand, so once you saw that green candle perk up around 1pm, that when you should have entered the trade.