Shared by:
Holden
P- Morning- PTF- Intraday reversal
P had rallied up off the open but was showing signs of a potential intraday reversal including a hard failure, second attempt up that made a lower high then consolidation below vwap.
I was thinking to myself that this name could get really crushed and could be an awesome short here for a huge profit, (I am pretty sure that is the exact thought I had at that point).
Took entry short on price action holding lower but stopped out quickly after when the action popped up. Again the trade then moved in the way I was looking and I got more frustrated.
Second Trade Made:
P- Morning- PTF- Intraday reversal
P had rallied up off the open but was showing signs of a potential intraday reversal including a hard failure, second attempt up that made a lower high then consolidation below vwap.
I was thinking to myself that this name could get really crushed and could be an awesome short here for a huge profit, (I am pretty sure that is the exact thought I had at that point).
Took entry short on price action holding lower but stopped out quickly after when the action popped up. Again the trade then moved in the way I was looking and I got more frustrated.
Execution detail:
Comments
Holden
Thanks Mari_BOWS. I think you are absolutely correct that my stop may have been too tight but for me the bigger issue was I was starting to trade a little on tilt and did not have a real detailed plan so when the action drove up against me, I found a reason to cut the position instead of recognizing the set up was still valid.
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I think the stop was too close. I traded it aswell and for me the logical stop placement was above these little spikes you see on the 15-min chart here. I use 5-min charts. You probably have a different style/strategy, but I thought maybe it's useful to point out.