After getting stopped out for a small loss when it reversed higher, I waited for a pop to short it.SNDK short
added size.
sat on my hands.
now covered, taking profits
15 minute doji on SNDK tells me its probably through its big move today.
it's also on its 200 day EMA.
classic exit signal if you are paying attention instead of watching CNBC
8 comments:
Scott, was the 10:10 candle your first short attempt where you were stopped out?
No, I was still in bed then. It was the 10:25
end of day, this looks easy because i can glance at it in one second. what i am realizing is the patience it takes to stay in the trade. you have to give these trades time to work. you held through a few retracements and 4 hours. like you say, sometimes the money flows in faster than you can believe (ARST) and other times you have to work hard for it (SNDK).
weakness permeated the air so although i waited for a real signal to show up although I wanted to take profits earlier.
i sided with the overall market conditions
Studying your charts again... I noticed that the entry only shows the blue EMA while the exit shows both the orange and blue - did you add the orange one later to aid in your decision making?
dtf-
its actually a yellow line and that early in the day has not had time to show itself. I haven't changed those EMAs since I started.
Yellow it is =) Clicking on the image helped.
Another question - SNDK was bouncing around, but came off of a big dip (looks like you came in on the new low idea). I guess what you see is the relatively big move (coupled with what appeared to be weakness in the market) setting the momo for the immediate future.
Are you usually looking for a big move before jumping in? Sitting on the sidelines until a move happens expecting that one big move = more big moves? I have seen some ~$0.30 trades from a couple of years ago, but I am wondering how often that happens for you.
Thanks for the info.
well i had shorted it and got stopped out a few minutes earlier so i was watching and waiting to see if the reason for the big down spike earlier would appear again. it did.
i was also prepared to go long if it looked to be going to new highs.
momentum is the key for me , trying to pick the optimum spot after taking in the relative factors .
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