Nice gapper but big resistance on daily at 108ish. Kept tapping at 106 (descending tri) so took short with partial position in anticipation of B/D. BUying volume came in, stopped out and attempted to flip long and MISSED THE FILL.
LESSON: Don't worry about paying up a few pennies to jump in on a pattern B/O. RAN +5!
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-02-28 09:45:07 | MELI | sell | $105.900 | short |
2014-02-28 09:48:08 | MELI | buy | $107.000 | 0 |
Looked like a chase based on what you were wanting to do/seeing. On the 1-min chart, it was running up the 9ema nicely - so would not have wanted to short there. Might have wanted to wait for it to tap and fail on the VWAP above to short it? You were right about that historical price resistance around 108. There was also the 100dma around $110 on the daily - that's where I might have been looking to short as well.
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This was valid but I would've used a stop order under the wick of the 2nd 5 min candle. Would've never filled and if it would have a lot of stops would have been filled and might have dropped quick. Could've also placed a stop order above the high of the first candle. Would've filled for the $4 run