Target: $38+ | 5.9 to 1 R:r
Risk: $500 vs. $32.80
Setup: The stock was holding well on some BS demo news. I thought it had the potential to squeeze unsuspecting shorts. Technically, the stock tapped an upper trend line twice and there was a shorter triple tap setup that was forming on the 5m. On the 15min, a 2wicktrade formed and there was a 1wicktrade on the 30m. I think all the stars aligned for this one.
Pros:
1. I stuck with the stock and read the situation well.
2. I stuck to the plan and got out when it faded $38.50.
Cons:
1. I had an add-on opportunity at around 13:50, but failed to execute for full size. I definitely could have made more here. There were opportunities after that, but I thought it was a bit too risky.
2. My second exit of the rest of my shares was lazy.
Note: I felt this was one of my best executed trades that I actually liked.
Note: I am not sure if I should have held the rest of my shares for a potential gap up. This is something I gotta think about.
Old Blog:
Execution detail:
Thx, Vijay.
Like I mentioned, I definitely think this was one of my best executed trades/ideas and doing something like this again will be difficult for me. Since my overall record isn't where I want it to be, I can only hope that I can continue to improve my prep/execution processes enough to actually carve a small piece from the markets.
BTW, if you were wondering why I had a $38+ target, there is a reason if you look at the chart carefully. ;)
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!
wow this is an incredible trade