8/6/18 Trade Idea : Long $APC


Just broken out of pennant. Only concern is weather it will hold breakout or fall back. RSI above 61 and setting a new high suggests stock has momentum.
3 consecutive higher candles and a higher high vs the last pivot is also bullish.
(error made selecting the entry point, approach as a misread price action trend change, when it was actually a pivot trend change.  As a result I entered the trade too late and at too higher price)

Buy 50 shares at $72.05
Stop loss at $69.85
RSI is 62 and trending upwards
MACD-ML positive @ 0.4223, MACD-MS positive @ 0.1098. Histo @ 0.3124 (tick above 0.2)
MACD-SL positive @ 0.7269, MACD-SS positive @ 0.7048. Histo @ -0.0221 (tick Line above signal)
MACD-IL positive @ 2.7551, MACD-IS positive @ 2.9187. Histo @ -0.1637

Price tested the EMA 3 / $71.00. Level appears to be in play.
Buy as per 8/6/18 remains in play.
(Price wasn’t testing the EMA3, it was testing resistance at $72.00.  Misread the price action)

Price set a new high, next target is $72.70 which would be setting a new all time high.
Maintain position and stops.
(Irrelevant as the price didn’t close above $72.00)

Stock moving sideways, with RSI flattening at 60 and the MACD-M turning down.
($72.00 level in play, should have brought my stop up to $70.16)

New pivot low confirmed.
Move stop to $69.00
(No idea why I set $69.00 as a stop, should have been set as outlined previously)

New high set.
Hold and watch price action
Stop remains at $69.00.
(Have lost the plot at this stage, should have been stopped out at $70.16)

Trade Closed : Closed at a loss of $156.82

Cost myself $58.00 by screwing up my price levels once again!  Hard lessons have been learnt over these last 2 trades, lessons that I’m glad I’ve learnt and am actually happy to pay for.

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