Downward momentum seems to have played out.
Price is oversold, bullish divergence in MACD, MACD-H has turned up.
Let's see if we can grab a position at todays low tomorrow with a tight stop.
Note! Price of this stock is on the low end, so position size reduced to half.
Got filled almost at low of the day (which was 1.93). Bullish MACD-H divergence still in play.
Explosive move out of the gates this morning. Selling half here to protect profits and have set new tight stop on remaining half of position.
Will monitor closely from here.
Position closed on tight trailing stop to grab profits here as I don't want to hold over the weekend.
15 Jul 2013 | 13:49
Did I follow my trade plan and strategy?
Yes. Good discipline.
What did I do right and wrong?
Very well executed trade but should probably have tried re-entry where annotated on chart below for a low-risk entry when bottom was re-tested.
Captured a good part of the upmove - good trade with a nice 6.43% quick profit.
Chart as of July 15th 2013: