Shares traded: 8000
Closed P&L: $125.70
Assumption:
9ema was acting as resistance after large red candle at since 2pm EST. FB bear flagging.
Plan:
Buy at higher range of bear flag and sell as it drops. Take a smaller position to protect day's profits.
Outcome:
Set my first target at 10 cents, which is when I sold half of my position. Anticipated pattern didn't develop so I pulled out 5 cents below entry.
Mistake:
Bad stop loss-- as a result, took a position that was larger than reasonable R:R. Should have set stop at
Execution detail:
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Looks like you took unnecessary risk on early. A bear flag will tell you when to short it. Broke down around 37 area with a great stop -.10.