Was looking for UWT to pull back to premarket support. It did pull back a little but not as much as I would have liked. I saw a tweezer bottom which gave me a little more confidence to go long.
Premarket OIL was looking better since OPEC decided to cut production and consumer usage was up.
I was looking away at another stock as UWT broke out. I waited for the pullback and entered long. Good entry. Broke out again and after the second pullback I went long another 100 shares. Because this wasn't planned from the beginning I wanted to minimize the risk on the 2nd lot so I put a stop right under the consolidation.
When it started to pull back towards my stop I caught myself moving the stop...quickly corrected that and sold the 2nd lot.
Volume continued to show consolidation and SPY was running up (OIL has been kind of following the market recently) so I had confidence to move my stop up under the consolidation.
Got stopped out on a quick pop down because of comments from Powel. SPY snapped down for a tick then ripped up. UWT ended up making a run immediately after stopping me out.
Lesson Learned: Don't be so quick to tighten stop.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-01-04 09:42:07 | UWT | buy | $10.520 | long |
2019-01-04 09:50:13 | UWT | buy | $10.670 | long |
2019-01-04 09:58:20 | UWT | sell | $10.595 | long |
2019-01-04 10:20:13 | UWT | sell | $10.550 | 0 |
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