Shared by
Mike_Lucas_BOWS
Swing Trade: This is my second attempt at playing the bounce off the 50 SMA for this stock. Both times now have failed.
Due to my 9-5 job I set my buy limit with stop before I go to work. When I get home I find out I was stopped out. This has been happening very frequently lately. Am I setting a buy limit too high and a stop not low enough? How do I set the correct limits since I'm unable to sit in front of a live chart a pick the best entry with stop?
If anyone has advice on this problem I'd truly appreciate the feedback.
My buy limit was $44.95, with a stop at $44.25. I thought the stock showed a nice rebound on Friday.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-03-10 09:46:45 | KYTH | buy | $44.950 | long |
| 2014-03-10 10:45:20 | KYTH | sell | $44.190 | 0 |
Comments
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Why set your stop so tight? I suspect you were going for a $50+ target so you have a min $5 upside and only $0.50 downside. 10:1 r/r is great but it is very difficult to achieve with a single buy. To get that kind of multiple you are gonna need to average in over like 5-7 buys which is difficult unless you are trading big positions. My advice - go a little smaller and give these things a wider stop. On this one, under $42 with a $51+ target