Symbol: CEPH
Type: Long
Entry: The beginning of the 9th bar
Exit: Stopped-out during the 22nd bar
Result: Gained +1.5%
(CEPH) gapped up today with a long upper and lower shadow. Prices fell below the Opening Low, but managed to closed a little underneath the Opening Low, forming a Hammer-type candle on the 3rd bar. I pulled a Fib. from 1st bar high to 3rd bar low, and by then, the prices almost bounced back to the 50% Fib. level. The 5th bar formed another Hammer-type candle, but failed to closed above the 4th bar upper shadow. Both the 6th and the 7th bar craved out an upper shadows, forming a resistance level that I saw (see red line.) At that moment,, my strategy was to enter Long if prices go above the red line, which is where I entered during the 9th bar. Looking at the chart again now, maybe I should have waited till the price goes above the 2nd bar upper shadow (see blue line), before entering.
Once entered, my Protective Stop was set at the 8th bar low. My intitial target was Opening High, which was hit strongly during at 2pm. I let it run hoping that it will ge to the 119% level, but it failed. I should have exited immediately after the 20th candle has formed, with that long upper shadow. But I waited hoping that prices will re-challenge the Daily-high, but it didn't. I closed my position as soon as prices fell under the Opening High.
Overall, it is still a respectable gain. I just need to manage my exit properly.
Type: Long
Entry: The beginning of the 9th bar
Exit: Stopped-out during the 22nd bar
Result: Gained +1.5%
(CEPH) gapped up today with a long upper and lower shadow. Prices fell below the Opening Low, but managed to closed a little underneath the Opening Low, forming a Hammer-type candle on the 3rd bar. I pulled a Fib. from 1st bar high to 3rd bar low, and by then, the prices almost bounced back to the 50% Fib. level. The 5th bar formed another Hammer-type candle, but failed to closed above the 4th bar upper shadow. Both the 6th and the 7th bar craved out an upper shadows, forming a resistance level that I saw (see red line.) At that moment,, my strategy was to enter Long if prices go above the red line, which is where I entered during the 9th bar. Looking at the chart again now, maybe I should have waited till the price goes above the 2nd bar upper shadow (see blue line), before entering.
Once entered, my Protective Stop was set at the 8th bar low. My intitial target was Opening High, which was hit strongly during at 2pm. I let it run hoping that it will ge to the 119% level, but it failed. I should have exited immediately after the 20th candle has formed, with that long upper shadow. But I waited hoping that prices will re-challenge the Daily-high, but it didn't. I closed my position as soon as prices fell under the Opening High.
Overall, it is still a respectable gain. I just need to manage my exit properly.
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