Shared by
Mike_Lucas_BOWS
Setup: Intraday bear flag
Got in a little early on the bear flag. This stock moved slowly downward with no real support below. I was surprised to to see it reverse course in the last hour. I gave back my gains and punched out when I'd seen enough.
What should have been my signal to exit sooner?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-04-11 13:36:26 | WWE | sell | $19.990 | short |
| 2014-04-11 15:19:41 | WWE | buy | $20.100 | 0 |
Comments
BillySee_BOWS
Hey Mike, I feel weird sharing since I'm not profitable. It helps me learn, & hopefully I can make some sense to you. I've added my comments on the chart that I included below which also shows the Moving Averages.
The support was above the price action in the form of the moving averages. Your correct in that there was no resistance below price action. This was a beautiful orderly downtrend. It Sounds like southseventh_BOWS traded this beautifully. http://screencast.com/t/zjl7GpcjnK
Nape_BOWS
Agree with both of these guys.
Mike you have to consider where it came from. the breakdown started at $20.80, drop down to $19.60. That is a $1.20c move with no real bounce behind it, so a .20c gain form where you entered from would have been idea.
Mike_Lucas_BOWS
Thank you for the feedback, guys! I appreciate you taking the time to help a newbie out.
kunal00
i think that 19.8 mark seemed like it was the base
http://screencast.com/t/WvD9OjbZS
also all the other stocks startered to bounce too
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I was in this one too. My sell signal was from watching the S&P. It started bouncing at almost the exact time WWE started putting in that bottom. After such a long run down, I took that as a good time to take the rest of my profits.