Shared by
Mike_Lucas_BOWS
Swing trade: Pullback to the 20 SMA. Although, It hadn't quite reached the 20 SMA. Was I a day too early? Stock didn't bounce. Is Monday 3/10 shaping up to be a potential bounce day?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-03-07 09:34:24 | LEN | buy | $42.850 | long |
| 2014-03-07 11:04:58 | LEN | sell | $42.000 | 0 |
Comments
Mike_Lucas_BOWS
I see what you mean. Since I'm at work 9-5, I should set my buy limit at the 20 SMA with a tight stop?
Nape_BOWS
Buying the first candle when the market open is always a tricky trade.
If it would have gotten over these levels on the second candle which was $43, that is when you should have taken the trade.. http://screencast.com/t/unV3adVY
Remember round number are key levels of resistance/support areas, so in this case if it would have broke back over $43; resistance now become support, so you would have had $43 as price support instead of price resistance.
Thanks for the advice. I really appreciate the feedback.
Most of my trades are bought in the opening candle because I have to set my trade parameter's before I leave for work. If I were able to sit in front of a chart I think I'd be able to find the better intraday setup.
Any tips on setting buy limits or parameter's in my situation?
ckz8780
Mike - maybe try setting your buy limits excessively low. It's better to find out you're setting them way too low and missing trades than to repeatedly take losses. And if you do get filled it will be a sick entry.
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When playing the bounce you need to wait for confirmation of the bounce. there is no setup here.