Shared by:
EliBrown
I was to early on both my entries. I kept drawing trend lines to justify my entries. This was a decent consolidation breakout later in the day but unfortunately I was checked out for the day on this stock by then. My first entry was at 12.14 with a 100 share position. I added another 100 shares when it was starting to go in my favour at 12.19 but it was a bit to extended at this point. My stop was way to loose here. I should of had it right below the trend line so when it pulled back my losses would have been limited. I ended up selling right as it bounced off support at 11.72. I re-entered 200 shares at 12.10 when it broke back above the VWAP. I placed a stop at 11.80. This was a set it and forget it situation but I was to impatient. I ended up selling my shares when it broke below the 9 EMA at 12.18. I stopped watching this stock after exiting here. It broke out of the consolidation an hour later. Damn. I think I was worried about losing to much of my profits because I wasn't up that much (or any) at this point in the day.
Execution detail:
Comments
EliBrown
Yeah I messed up, lost my patience. I was about ready to call er' a day here so I just exited. Big mistake.
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Think about this one... your first entry(s) had no BOWS setup (which you sort of said in your comments). Your first sell (stop) was on support. But your second entry was picture perfect flag from the top of the first candle down to your entry at 10:44, but you sold out without real reason. When you entered at 10:44, support was around 11.75 so you're stop should have been there. Not at break even or the 9 ema.