Play: Intraday flag at 23 day resistance for possible breakout.
Bought (13.35) when formed a flag at month long resistance level with volume starting to come in. Tight stop (since it was at long time resistance level) 13.30 at 2 day resistance/support level and 20SMA since it was at long time resistance level.
Didn't break out and I got stopped out. Happy with this trade, only thing that I saw going against it was oversold stochastics condition. Let me know if I missed something else though as this will be on my watchlist for possible breakout tomorrow.
Execution detail:
John, I am not a part of the chatroom yet, but I follow szaman on twitter who mentioned the stock sometime in the morning.
I completely agree we should have waited for the break to buy and I will try and use the limit order next time (I am definitely still learning!!). I am unclear how the risk was not managed for either of us though, as there was a clear area of support/resistance just 5cents (0.48%) under the top we both set our stops at?
I think this was more of a swing setup..
devils stock it cant be daytraded it seems! there just isnt enough juice in it.
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Oh man, I also took this trade and I also lost money on it. Did you get it from the chatroom?
In retrospect, there wasn't much of a setup here. We should've waited for confirmation of the breakout, have our platforms ready with a Limit order around 10.37 and just clicked it when it broke out. You and I entered at an area where it was difficult to manage risk and there wasn't confirmation that a reward would be worth it. This also wasn't exactly a flat top breakout either since those taps came in with questionable volume.