Shared by
jmos_BOWS
PLAY: Bear flag
It opened weak, then came back to VWAP but couldn't stay above it. Got in once it was flushing but never reached target.
Original stop was 7.22 but kept moving it down as it went as it seemed it was going to flush.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-05-01 11:22:51 | MACK | sell | $7.030 | short |
| 2014-05-01 11:54:22 | MACK | buy | $7.100 | 0 |
Comments
jmos_BOWS
Thanks Lawrence. 7.22 was about that consolidation area and when watching it and it squeezed a bit, it did hit 7.22 so i would have gotten stopped out. One of the reasons why I sold is I was playing the flush and when it didn't, I assumed it would squeeze back up. It was also doing a lot of volume so if it went, it could have really gone up so I took the small loss and watched to see if it would break that flat top but it didn't so i re-entered it later on.
silverholden
I would have put my stop at 7.28 for this. That is one penny over the high of the 11:15 candle, and the previous high before it cracked. Lately these things don't seem to move with enough force to not re-test pretty strongly at times. If you are confident in your setup (and you should be here, you had a good entry), stick to your stops!
That said, since it didn't actually do what you wanted it to I think that exiting was the correct move.
EL_BOWS
Without looking into exactly where all the volume came in on the large volume green candle, I think that you managed your trade quite well here. That candle would've invalidated the setup for me.
Markmandy54
I keep doing the same thing....in hindsight (and as always the way we were taught) should have stop over that most recent high before your entered.
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I can't see exactly on these charts where 7.22 is, but I think your stop should have been just above the consolidation. It seems if you'd have put it there and let it ride until your reason2exit was met, you'd have made a little money. But that's my style of play... you managed your loss well and could have gotten back in when the time was right.