Shared by
jmos_BOWS
Play: Green to red/Bear flag
Showed weakness the day before and ended the day weak. Kept tapping that area, pulled back and was riding the 9ema. I got in thinking it would flush once it went red. It just bounced right off it. Got stopped out.It was a bit of a chase
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-04-09 11:05:38 | GIMO | sell | $17.280 | short |
| 2014-04-09 11:10:49 | GIMO | buy | $17.502 | 0 |
Comments
jmos_BOWS
I will definitely work on that. Or I could have waited for it to consolidate (if it were) around that area and then take the entry. My entry is in no-man's land.That is something i've noticed like you said, that anticipation trades should be taken at the bottom so you can get out flat if it does bounce off resistance.
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You shorted on support, as you mentioned already, in anticipation. I get that. I do that too. One thing the helps me is that when I anticipate a move, I get in at the top (for a short) or bottom (for a long) of the range with a tight stop. That way, if the support/resistance holds, as it did on this trade, you can still actually get out with a small profit/flat. Since anticipation plays will always have a lower probability than confirmed plays .. it's really important to cut the losses, in my opinion.