Stock made the ideal entry I talked about in my watchlist with a weak open and price/trend line support holding. Scaling into the position while only averaging open also seemed to put me more at ease then going in with full position right off the bat. I scaled in 100 shares at 59.66, 100 at 59.69, and 100 at 59.76. I placed a hard stop at 59.27 but could have kept it a bit tighter, just below the VWAP. I scaled out 100 shares into resistance at 60.78. The next scale out was a mistake and me just wanting to book profits incase it couldn't break this level. I should have at least waited to see if the pullback to the 9 EMA would hold, which it did. I scaled out 50 shares as it continued to rally but there was no reason to sell. I did not think the stock would have the juice to make all time highs so I wanted to book profits quick before it reached this level. With that being said I scaled out another 50 shares at 62.38 right below its all time highs of 62.50.
I need to be more disciplined with holding onto my last batch of shares. This could have been a $1000 trade had I followed my reasons to sell list and let the trade play out. The stock never once crossed the 9 EMA until it made highs at 64.55.
Execution detail:
Thanks Steven. Was an ORB with trend line support holding from previous 3 days.
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Nice trade Eli, was the entry an ORB, G/R or something else? Man that thing really took of for you, great job.