Shared by:
hawk_BOWS
Entered short as price really struggled to get over the 9ema. Chopped sideways and could not clear support at .53. Exited as it punched back through ema. .03 loss on .07 risk.
Execution detail:
Comments
hawk_BOWS
June 17, 2014
Nate, thanks for the feedback. In hindsight, this was a forced trade for me. I was looking for something to short because I thought the broader market was going to give us a flush.
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Idea - According to your tag, your daily idea was for overbought pullback? The stock looked like it was grinding up the past week and the pullback didn't touch the 20dma at $5.19. Probably stay away from these kinda stocks until either 1) it goes parabolic on daily (really extended) or 2) it at least touches the 20dma. Just looks like this was a "healthy" correction for the stock to continue higher
Execution - Good execution as you spotted out the bear flag. $5.55 was the support / resistance as seen in the 30 min chart. However, I think it's a tad close to $5.50. Usually stocks tend to find support / resistance around whole and half dollar marks.
Management - Good trade management as you exited for a small loss at the last higher high of the bear flag.