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tomr_BOWS
Was on my watch list for a flat top b/o on the daily chart. Entered trade mid-day when I saw an flag b/o on the intraday chart. Stock was out of steam and I got stopped out at my stop placement of $14.90.
Execution detail:
Comments
tomr_BOWS
Thanks Gena. Much appreciated
markmandy54_BOWS
Daily shows once 15 goes should run, however this time it got there seemed extended on daily. Tuff call.
johnc_BOWS
I've also got this on my watchlist for the same reason. There were too many factors working against a powerful breakout on this stock:
1) You took the entry at lunchtime (best time is morning or end of day)
2) Too extended on the daily. 5 days up without rest on the daily chart, which would've been OK since it's relatively low float but you also had 92% stochastics and the breakout area is above the Bollinger Bands.
3) Market was kind of finnicky today, especially in the afternoon.
Thanks John. Appreciate your insights.
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Buying under a big milestone (the 15 dollar mark) is a bit risky. Also, entering a trade mid-day/lunchtime sometimes is more difficult - especially on a day like today when the senate was coming back in to vote at 2pm - you could expect the market to become more volatile then and probably have a down turn around that time. The buy spot on this was the .75-.80 area, which was the flat top daily resistance area. But good stop set on it, you followed your rules!