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BScripter_BOWS
I thought I had bought on confirmation of a flag break, but it was a fake out, and flushed below the MA's which stopped me out. Of course it made a monster run afterwards...just how the day went today!
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-13 11:57:54 | RTRX | buy | $15.170 | long |
| 2014-02-13 12:09:14 | RTRX | sell | $14.880 | 0 |
Comments
PHILnomenal
I did the exact same thing. I was just waiting for the Day Long Consolidation move. That's when i stopped watching for a bit and BAM!! gone. lol.
Good trade management though, valid attempt.
BScripter_BOWS
Rashod, how do you determine pivot areas? I'm starting to give myself more room with my stops and usually will also set it below a recent low...in this case it was the low of about $14.90 made around 11:30.
Rashod81_BOWS
Pivots are the areas, not exact price levels, where the stock is met with support or resistance. After a seeing a sock move in one direction for an unspecified period of time you will see it move almost emphatically in the opposite direction. That point at which it made the second move is your pivot area. Some are harder to spot than others, but you will definitely want to invest some time in training your eyes to see them.
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Do not frustrate yourself by setting a hard stop below the MA's. Use the last pivot to set your hard stop. In this case the last pivot was around the 14.50 area which may have been more risk than you were willing to take. However, if that does happen, just lighten your entry load to stay within the range of your max loss size. But definitely give these day long consolidation plays a bit of room to maneuver. Otherwise, just wait until a confirmed breakout and enter thereafter.