PocketPAT

These consolidators can be very scary. I'm so used to recent squeezes that it's easy to start expecting them, but these sharp panics remind me to only get in at ideal entry levels. With so many bag-holders from earlier at the open, I knew that it'd be best to take profits quickly, but I really wanted this to bounce back to consolidation at 1.55. This is my third go at the B%G Panic setup =) . Not really excited, but I'll take it as I'm running on three hours of sleep and tired of missing plays.

5
100

Broker:ETrade
DatePrice
Entry7/11/20191.32
Exit7/11/20191.36
  • Total Views45
  • Position Size4,000
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therealmcdougal
1
therealmcdougalJul 11, 11:24 AM

Hellz yea at least you got a piece of the pie, even if it’s only a bite!

dag_duglas
1
dag_duglasJul 11, 12:17 PM

How did you decide your exit at 1.36?

PocketPAT
PocketPATJul 11, 12:49 PM

@Divye Previous support becomes resistance. That bottom green line represents previous support, so I was expecting bag-holders to be cutting losses there. But mostly, I just didn't trust this bounce and was looking to exit once I saw roughly $195 in profits. That was much better than I've had lately and I'd decided that a small win was better than a potential loss from having it fail further down. No need to get greedy, once you see the bounce slowing both on chart price-action and the Level 2.

dag_duglas
dag_duglasJul 11, 5:02 PM

Thanks brandon, that was helpful

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