Shared by:
ToqueX
Grade: C- (maybe too lenient?)
The setup: Pullback after the open. It pulled back through the 9ema and was on the 20ema.
How did it play out: I was counting on this being a pullback to the 20ema on the 5m chart, but it crashed right through it and stopped me out. I could have waited for more rounding up action. I wanted to buy it low in the pullback.
Unlucky or bad judgement?: I'm not experienced enough to answer this definitively. My setup seems somewhat reasonable in that I was looking for follow through on the positive momentum from the previous session, but on the daily we were pretty extended. I was hopeing for a triple tap breakout, but with the gap three days prior, maybe we were still a bit too extended. Stochastics were just above 60, so I thought there could be juice. Perhaps this stock has past its prime for momentum and is now just a bit too herky jerky.
SPY opened strong that day.
Execution detail:
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