Profit/(Loss) With Commission: -------------------------------- ($93.00)
Details:
Earnings play/HOD break, 1000 shares. I originally wanted to enter this trade at $5.83 for a breakout of the daily range, but it gapped above my desired entry point. It put in an initial high then started to test it so I recalculated my r/r using my previous desired entry point ($5.83) as support. It was still ok to enter risk-wise so I entered on the break of the high at $5.94 hoping for a push to the next resistance point on the weekly chart ($6.12). The breakout failed so I stopped out at $5.86. Later this day I attended a webinar with one of our other traders and asked the host how to handle situations where a stock gaps above your desired entry point and her tip was to simply wait for an intraday setup. I did that with this trade but the setup wasn't very strong, which is most likely why it failed. In the future I will be waiting for a stronger intraday setup like a long base/consolidation or a flag. Also, looking back now I see that the weekly spot I was shooting for hadn't been touched since Feb of 2011, so it was probably unlikely that it would get there today.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2012-05-03 09:44:56 | NRF | buy | $5.940 | long |
2012-05-03 10:14:20 | NRF | sell | $5.860 | 0 |
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