Stock Selection Information
No relevant news on the stock. It was among the top positive for the day.
Watch List Reason - It was among the top positive for the day.
Pre-Market Volume - N/A
Trading Plan - To go long above 20.25 on a pull back strategy
Management
Entry Setup used: Pull back strategy
Trading Comments
Tape reading skills help to identify the 20.25 level. Buyers was not dropping this price. After it broke above the high of the day with increasing volume, I waited for the pull back and got a very good risk/reward position. 0.03 risk for a .30 profit (1/10).
Since I was expecting the market to make a sideways move or a correction I kept the stop on a close watch. The stock traded further to 20.75, but closing the position was the best choice when it fails to continue above 20.55.
Since I was expecting the market to make a sideways move or a correction I kept the stop on a close watch. The stock traded further to 20.75, but closing the position was the best choice when it fails to continue above 20.55.
Evaluation
I made two mistakes on this trade:
1-) I did not added to the position - this is a goal of my trading journal and I could not see a clear reason to add to the position, but I should´ve done it when the position start to develop.
2-) Fail to get back in the position - the stock was respecting the trend up so I should´ve got another long position around 20.40s.
Besides that it was a good trade with great risk and reward.
1-) I did not added to the position - this is a goal of my trading journal and I could not see a clear reason to add to the position, but I should´ve done it when the position start to develop.
2-) Fail to get back in the position - the stock was respecting the trend up so I should´ve got another long position around 20.40s.
Besides that it was a good trade with great risk and reward.
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