Another bulkowski gap fade.
Met criteria and overnight action was not as strong as other gap downs, so thought it may be the best fader. The gap down is also into a support area from December. It is gapping down on news not on earnings, I suspect the fade works better on news.
Entry was iffy - bit of a chase, but I also passed on a weak looking candle for stronger evidence of the reversal on the 1m.
I sold half into spike, moved stop to b/e and it got hit
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-02-11 09:33:54 | INSM | buy | $16.860 | long |
2014-02-11 09:36:08 | INSM | sell | $17.450 | long |
2014-02-11 09:38:06 | INSM | sell | $16.920 | 0 |
Yeah I messed up there - should really have entered on the previous candle and had faith in the setup as it has been working for me.
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On the 1min chart $16.60ish was the idea entry. Good job on the first sell.