Was this a valid setup for daylong consalidation?
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-02-14 11:54:59 | CIEN | buy | $25.250 | long |
2014-02-14 14:53:15 | CIEN | sell | $25.120 | long |
2014-02-14 14:53:15 | CIEN | sell | $25.120 | 0 |
I like it -- Big pole, 2 hours of rest, higher lows, coiling up. You got a mini flag and bought on break of the previous price resistance.
the daily chart tells more in the middle of previous highs and lows, nice 4 resistance tap however.. for a swing trade i would not have entered so does the daily chart.. more like an ORB if I check the daily chart tiny resistance..
Idea was good but u also have to consider history of this stock. If u see daily candles, u can see that this stock doesn't have much range intrday. After the morning gap it was exhausted to make further move. This also have a huge float to make huge move intraday.
Thanks. Yes, I see what you're saying. I just have to pay attention to the daily chart and build a better case for each stock I'm trying to trade.
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worth a try