LOGM on the watch list, earnings play, had a big down gap in premarket. I have tried though to enter in CGC but I didn't get filled at 48.5 shorting it! lol :P
At first I have longed it for a new hod entering at cross up of the previous fractal. The stock had recovered back up to the 0.328 retracement and a 0.5 could have been a possible scenario.
It failed it getting back to the bottom of the formed triangle. I have thus changed my bias toward it and shorted when broke it down the support level.
Once in the trade the price pulled back drawing extremely bullish candlesticks that for as much as they were forming a bearish rising wedge I didn't know how extended could that rising be. I have therefore decided to lock some profits and then close the trade.
I was foreseeing a drop down to 81.27 (0.236 level of retracement)and for this reason I didn't lock up profits at first target, I have for the first time analyzed the trade in a different way. Detaching myself from any kind of expectation and seeking just for the move I have expected to happen. I am super happy that the price arrived at 81.20 pulling then back to previous level of resistance at 83.
I didn't have enough balls just to execute my idea. Once stopped I could have re enter back in the trade. This is something I hate to do, I hate chasing it. I had already 2 unsuccessful entries before and for the sake of my consistency I can't keep trying and trying again. Then what would be the limit of attempts I should give to myself?
I have more trading days coming ahead and I can simply rely on a new day to apply my set of rules on my ideas.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-02-15 10:43:26 | LOGM | buy | $83.800 | long |
2019-02-15 10:43:48 | LOGM | sell | $83.670 | 0 |
2019-02-15 11:11:26 | LOGM | sell | $82.960 | short |
2019-02-15 11:23:58 | LOGM | buy | $82.550 | short |
2019-02-15 11:25:29 | LOGM | buy | $82.630 | short |
2019-02-15 11:26:36 | LOGM | buy | $82.700 | short |
2019-02-15 11:35:47 | LOGM | buy | $82.940 | 0 |
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