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kt_mishra_BOWS
Not a good trade. Still want it reviewed, though.
Daily setup: I was thinking short as it failed to have a Flat top Breakout
Intraday setup: Green-to-Red as it crossed the 9EMA
Exit: Hit my stop loss
My thoughts:
There was no good daily setup.
I don't think I should be trying to short failed breakout.
My entry was also a little extended.
Could have done a better job with my stop loss
Execution detail:
Comments
kt_mishra_BOWS
Thanks for the review, Oly!
I was actually thinking Green-to-Red (not R2G). Tradervue prints the first candle as a red here, but freestockcharts.com and TOS print it green because of the gap-up.
I was playing it G2R because the stock had hit its support around $12 where it could have broken out as a Flat-top-breakout.
But since it didn't go, I was expecting it to head back towards support at $10 seen on the daily chart.
And hence, waited for it to get under the 9EMA to take an entry.
I'm not sure here, but maybe G2R should be played on stocks that are trending down, instead of the scenario of it failing to Breakout but still holding its uptrend.
I'll have to go back read up on G2R.
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Not really seeing the daily setup - you are taking the day before candle as a failure indicating weakness?
For r2g I recall being told I am better off using them on the snapback plays and for continuations - so back to back hi momentum days. I haven't had much luck using them in other scenarios. I like your combining the r2g with 9ema and I am starting to like multi-setup confirmation as well.