Nov 17, 2007

EXPE - Long

EXPE had all the making of a nice long gain yesterday. My entry was right above R4 and the ORH after a failed 2-bar retracement. I call this a dummy retracement setup. A trend looks like it's about to fail (especially at a key resistance/support area) but then the next bar continues in the direction of the trend. I always like entering on the confirmation bar.
So, my entry was off the 11:30 bar high, price quickly moved to $31 and then fell sharply back. I partialed on a break of the 12:15 bar low and ended up selling the rest of my shares on a break of the 1:45 bar low. Up and down stock which used the round number $31 (and 119% fib. level) as strong resistance. Small loss, but a loss nonetheless. Bastard!!!!


Anonymous said...

OONR, of late stock patterns look awfully bad..lots of randomness.
had a stop loss and it the swing low was just 1 cent below it and then the stock kept moving higher just as i thought..
sometime i wonder if MMs see the screen for stops and take it out deliberatelty if the stock doesn't have lot of force..
or may be i am just paranoid!

OONR7 said...

anon: I share your paranoia sometimes.