Sympathy play with biotech's making a comeback. KITE had the best look in my opinion at the time after I had missed the opening run. CEMP and ADXS had very similar charts but I couldn't find a decent entry to manage my risk so I went with KITE. I entered 300 shares at 56.96 and had a mental stop at 56.73, just below the 9 EMA. I scaled out 100 shares at 57.77 and another 100 right after at 58.04. Second scale out was a mistake and one I have noticed I make over and over again. I missed the best price on the first sell so I want to lock in more profits and not miss the better price. In this case I should have only sold 50 and held onto the other half for the next lag of the rally. I passed on the opportunity to re-enter once the 9 EMA support held after pulling back. Another mistake I seem to make a lot. This was an ideal add spot where my risk was managed with a stop just below the 9 EMA. Once the stock made new HODs I sold another 50 shares at 58.50. I had a trend line connecting the open to both pullbacks. Once it broke below both my trend line and the 9 EMA I sold the remaining 50 shares. What I should have done is wait to see if the 20 EMA would hold. These aren't lotto shares if I continue to sell to early. Left quite a bit of money on the table.
Execution detail:
Thanks Andy appreciate it
Oops my bad I read your name wrong haha, thought it was someone else. Nonetheless, thanks man!
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Nice trade, good entry and nice scale out - excellent