I saw that it was extended on the daily and intraday chart, so I just knew I caught a turd waiting to flush. Again, I did not take my profits when I should have. I was trying to maintain my position size and bring in some real profits.
This is the first time I've ever managed a trade like this, and it is also the last!
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-02-21 10:00:40 | AMRI | sell | $14.880 | short |
2014-02-21 10:00:44 | AMRI | sell | $14.880 | short |
2014-02-21 10:00:44 | AMRI | sell | $14.880 | short |
2014-02-21 11:35:37 | AMRI | buy | $14.990 | short |
2014-02-21 11:35:40 | AMRI | buy | $14.980 | short |
2014-02-21 11:35:41 | AMRI | buy | $14.980 | short |
2014-02-21 11:35:41 | AMRI | buy | $14.980 | 0 |
That's a good point actually, thanks Nape. But that's not where it bounced intraday. I did take the daily into consideration however, which is why I thought it was going to tank; oversold stochastics, 6 consecutive up days and it opened outside of the upper bollinger band.
But I am learning that these biotech stocks don't necessarily adhere to that criteria. I should have learned that from PRAN
Since you said something about the support level on this one, I went back ad looked at my MYL trade where I made the same mistake and I saw that the previous intraday had an established key level around 51.80ish.
Thanks Nape, I'll be watching for those levels even more so now.
I also see that the point where this one bounced was once it touched the 20EMA. Thanks again man! Seriously!
Another thing is that; when a stock pullback it don't always pullback to the exact support level because that is an area that everyone is expecting it to bounce at, so always consider it can bounce around that level as well.
I can see your anticipation conviction. Ideally this was supposed to roll over on that ugly candle, where u covered. Lately it has been tricky to time this parabolic runners.
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!
Have to consider this area as support on daily chart as a bounce area..http://screencast.com/t/PRELDa0JWR0