Shared by:
EliBrown
I had this on the back burner for a potential play today after scanning for it yesterday in the after-hours gainers. After the rally in the morning it started to consolidated so I was thinking day-long consolidation breakout. It didn't have the cleanest daily chart, running into all kinds of resistance, but I took the gamble anyway because my risk was relatively low. I entered 200 shares at 19.47 and placed a stop at 19.27 just below its highest low. No push today and broke back below the EMAs, stopping me out. I may potentially trade this tomorrow at the open on a break of its trend line for a multi-day consolidation breakout.
Execution detail:
Comments
EliBrown
Definitely helpful. To many times I have got FOMO and buy these on a pop out of the consolidation only to see them break back below right after. Scale in a bit anticipating it, and a bit more on confirmation, I like that. Thanks man.
kunal00
Retail stock yo. They very rarely just break out on strength
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!
I think this was a good a attempt. Only thing for me is that I always (but ESPECIALLY for retail stocks) try to buy these at the base of the consolidation rather than what appears to be the breakout. I don't increase my size due to the lower risk though. Just half at base, half on confirmation. Not sure if that is helpful for you.