Shared by
jmoscate_BOWS
Play:Flat top break down
Overextended on the daily, missed the original entry to short. 22.20 was a key level to break. Once it did, it reached my target. Had a -5cent stop loss, +10 target (Key area from previous day). Next target was 22.00 but it never reached. I think I will start just taking full profit with these type of plays or is this a bad idea and should always have some for lotto? I feel like they are already extended and will not flush that much more?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-20 11:49:24 | FSL | sell | $22.210 | short |
| 2014-02-20 11:49:24 | FSL | sell | $22.210 | short |
| 2014-02-20 11:49:24 | FSL | sell | $22.210 | short |
| 2014-02-20 11:49:25 | FSL | sell | $22.210 | short |
| 2014-02-20 11:49:25 | FSL | sell | $22.210 | short |
| 2014-02-20 11:49:25 | FSL | sell | $22.210 | short |
| 2014-02-20 11:49:25 | FSL | sell | $22.200 | short |
| 2014-02-20 12:09:22 | FSL | buy | $22.100 | short |
| 2014-02-20 12:09:30 | FSL | buy | $22.100 | short |
| 2014-02-20 12:09:36 | FSL | buy | $22.100 | short |
| 2014-02-20 12:09:36 | FSL | buy | $22.100 | short |
| 2014-02-20 12:10:07 | FSL | buy | $22.100 | short |
| 2014-02-20 12:18:20 | FSL | buy | $22.200 | short |
| 2014-02-20 12:18:20 | FSL | buy | $22.200 | 0 |
Comments
charlesk_BOWS
I think up to you.. nothing wrong with taking full profit if its hit your target in my opinion. particularly if there are other forces at work, like over extension
Markmandy54
Been running on less volume, daily overbought, i think it was a good trade but it is considered contra trend
jmoscate_BOWS
@Mark, Does this means parabolic shorts are contra trend?
@lhardesty, there was a bear flag after the strong opening which I ran into the MA's and failed but I wasn't watching this stock at the opening (which was a mistake on my behalf)
@charlesk, I agree that if the SPY is in a range, then there won't be as many runners
Sayed
U had right idea but didn't work. I would have done that same. I would rather hold for the big gains than taking .10c. This could have easily flushed to 21..
mirko_BOWS
@Sayed:
Are those Fibonnaci retracement levels? Do you use them on the daily basis for intraday profit taking points?
Sayed
Yes. I do use them once in a while.
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Generally, I don't comment on those that have 'bowsreview' because the expert(s) will address. But this is a common question .. Is it take profits or is it let winners run? For me, I decide based on what the market/sector is doing. But would LOVE to have some guidance on it.
As for this trade, I'm not sure I see a good setup prior to the one you took. Sure, hindsight offers wisdom, but I think you took the setup offered and played it well.