Shared by:
dhiebert
Execution detail:
Comments
phamster74
David, this was a buyout, so i would stay away from these since they tend to not go anywhere after the initial pop..
dhiebert
Thank you! I didn't know that!
ThirdStringHero_BOWS
I didn't know it was a buyout either - in fact I played this one too today, and I entered about where you did the first time. I got out a little faster, but it was still a loss.
For your second entry, from a technical perspective the first thing I noticed is that it tried and failed to break resistance at 69.15 twice before you got in. It wasn't coiled up under it like a flat-top breakout - it just hit and bounced back (kind of hard) twice. So I would have expected it to bounce back down again - in fact, if I'd seen this I might have entered for a short about where you entered for the long.
The other thing I'd say is that it looks like you might have held too long on both entries. Particularly for the second entry, I can understand holding through the dip right after you bought, but I probably would have gotten out right after it failed to make a new high (on the 1-min chart) at what looks like about 12:30. My experience has been that if it can't even match it's previous high, then the chances of it going back up are very low (and you'll probably make better use of your money putting it into another play).
I really appreciate all of the feedback. Thank you.
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Traded this one twice. First entry was on the second 5 min candle as to what I thought was going to be an ORB. Second was after it bounced off of the 20 ema, and was back over the 9 ema. I thought it was going to recover.