Trade Review - APOL - May, 14

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.

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. 
No comments:

Daily PM Prep - May, 14

** Preparation for Closing Session **

MARKET CONDITIONS


SPY - As expected market continued the up move respecting the channel. For this afternoon it is expected a sideways move or some correction since the upper band of the channel is being tested. If market manage to break it with strong volume, then we have to evaluate and watch to see if prices can hold above. Bearish bias only if the lower band is broken.
Bias: Neutral Bullish
Accuracy: 90%

PM Stock Selection Sheet download - do not got for big profits unless market breaks up the channel. Take profits at the pre-defined targets.
Updated at 12:30

Want more information about the Stock Selection Sheet?
Legends - Click me
Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk. 2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The afternoon sheet will be updated between 13:00 and 14:00
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Daily AM Prep - May, 14


** Preparation for Morning Session**

MARKET CONDITIONS

World Markets News: Asian markets finished broadly lower today with shares in China leading the region. European markets are lower today with shares in France off the most.

Economic Calendar



SPY - Still in trend up mode after breaking the longer range between 160 and 153.50. As long as the longer trend line is respected, this trend up mode is on, suggesting a bullish bias for the SPY. Smaller range was developed yesterday, but inside a bullish up channel that is likely to test the bottom of this channel today. If this happens and price holds, up move is likely to continue. If drops this support, then we have to wait to see where the next support will be and re-evaluate.
Bias: Bullish
Accuracy: 100%

AM Stock Selection Sheet download - not many opportunities today.
Updated at 8:00

Want more information about the Stock Selection Sheet?
Legends - Click me
Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk.2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The morning sheet will be updated between 8:00 and 9:00
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