Shared by
Markmandy54
Interestingly enough, 5 minute showed a great bear flag so jumped short, stop -.50, Target +1, +2. When looked at daily it looked super choppy and due to no higher T/F support of short thesis i took off quickly for small loss. Now I look at it on here (Tradervue) and that 70 is a total obvious role reversal.
I felt i did a great job of exiting a trade when realized i didn't identify the Higher T/F (as opposed to micromanage) and ironically my stop never hit but both targets did, and then some. Interesting lesson. My thoughts are to take smaller position when daily isn't clear to me but looks like great intraday setup? Or regardless, trade the intraday?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-19 09:54:11 | HLF | sell | $68.600 | short |
| 2014-02-19 10:00:00 | HLF | buy | $68.830 | 0 |
Comments
bbman
PHILnomenal
I agree with bbman, stop should've been around 69, yours was far too tight. IMO you need to give these higher priced stocks more wiggle room, just position size accordingly.
jmoscate_BOWS
I would still go with matching on multiple timeframes. However, if you do have a great set up as this one with MA's on top, good volume patten. I would take it but for a scalp and not a day runner. ie target would have just been LOD and kept a small share just in case. That is my opinion so take it with a grain of salt.
EL_BOWS
Your entry is great here, but the stop was too tight -- it didn't ever break to new highs (and as the others pointed out, 69 was the previous high / round number). Still, this was a great entry; just a lesson in sizing with the wild stocks! God knows we've all had a few.
Markmandy54
My stop was great at 69.10, and i'm proud to say i didn't micromanage this. When i saw the daily chop below (which i didn't look at the higher T/F before taking the trade) i forced myself to take it off immediately as no confirm on higher T/F. It ended up working out which begs to question, if killer setup intraday, is it ok to forgo the higher T/F? The conclusion i've come up with (thanks to all your feedback) is to take with 1/2 a position and start tagging with No higher T/F and see how they tend to play out.
Thanks guys.
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ah man!!! you had it. Happens- you'll get it next time...