Two trades: The first was a great entry and according to the daily it was a breakout trade so I waited for another opportunity to add more to my position. I added after what I thought was a confirmed flag break and it went the other way. I looked at the SPY and was able to see the correlation in price movement. My other mistake was setting my stop too close; I know how to fix that though.
The second trade was a quick scalp.
Execution detail:
Yeah I know, but I thought because it wasn't a clean pullback that it wouldn't hold. Plus, I saw that huge red volume bar which made be believe that the flag/ base at the 14.10 level broke down. Not to mention the long upper wick that I saw on the previous candle before I closed my position.
How much leeway should I be looking to give for a pullback? I've tried to wait a pullback in other trades but ended up red as a result. Honestly, that is a tough call as it is developing. I could REALLY use some advice on that.
Great entry!
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That 1st entry was beautiful Rashod. I would have kept a few on that pull where you sold. That was just a natural pull back.1st pull back usually bounces.