Shared by
KeithL_BOWS
this was a totally terrible trade... POOR POOR Management....
Huge gap down on ORB..... Climbed up above VWAP and waited for confirmation. Got in with target of 24.00, stop at 22.70. Watched the rip up thru resistence and watched it peak. Had last level of resistance at 23.50, so as it broke thru, i added another 1000. And then...i did something even more stupid......kept climbing and began to peak out...guess who didnt scale out...??? ME... can you say DUHHHH..!!!!! Then as it started to pull back (quickly) i said...dont sell now, it will pop back up. Needless to say..i spent the rest of the time and a bunch of money waiting for it to "Pop Back UP"
This trade really ruined me for the day.
Mentally i could not recover from this STUPID mistake
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-03-11 11:31:57 | PWRD | buy | $22.840 | long |
| 2014-03-11 12:27:40 | PWRD | buy | $23.550 | long |
| 2014-03-11 13:13:54 | PWRD | sell | $22.900 | 0 |
Comments
manoj_BOWS
You had identified a good setup, you had almost $2 in gain in about 1-2 hr, you should have booked 1/3 or half your profit, and then let it rip through, was this new resistance level, if so there is risk, also when it started going down, it looked like formed a bear flag, shorting could have been option. Kind of reversal, I would like to play this type. Looking at the stock..It formed nice curve , basically coming back to where it started, so if we are able to read it right , we could play long and short. Sorry I am not trading yet.. It's one of those days..appreciate you sharing your experience.
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lunchtime breakouts work like 10% of the time.. its always a short on extended stocks it seems of late