Shared by
Mike_Lucas_BOWS
Swing trade: I thought I saw a consolidation zone going on right above the 20 SMA, and the stock got crushed today. Further more, I have to check my stop on this stock. A $7 stop gap? That was way too loose, and I paid for it, literally. Perhaps I should have set my risk to .5% on this one.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-03-07 09:32:48 | BIIB | buy | $339.640 | long |
| 2014-03-07 09:48:56 | BIIB | sell | $332.990 | 0 |
Comments
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$7 isn't too loose for a $340 stock. Look at the range of the daily candles. It was actually a good stop. this thing can run $10-15 in a day and does so regularly so I actually think that was pretty reasonable. The issue I see is there was just no reason to buy, no volume expansion, no sign of buyers.
Make sure you wait until you see some indication of buying activity. Look at some of the big explosive moves like IFON, ELON, PACB, ALIM, OXBT, OPTT, RMTI, CNAT, SEED, INO, etc...they all have massive volume expansion right before the explode.