The one that got away…

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I had FB nailed to the wall and I decided that since it was almost 12:30 pm that I should take my chips off the table for lunch and not continue my trade.  I usually like to have things wrapped up by lunch time for my morning plays especially early on in my career as a trader.  I'm finding that my batting average has been improving so much so, that I'm going to have to rethink taking off a trade just because of lunch time.  Today I had FB on my long list since the daily was setting up a nice 123 pattern.  The first hour FB closed with a solid green bar to the upside triggering the 123 but then, over the next hour, FB sold off hard engulfing the first hourly green bar by a wide range red bar causing a failure of the 123 pattern.  I figured that we should have another 2 hours lower so I was waiting for the next sell setup to get short in FB.  It was not long before FB set up a short near the PDC where I started my short with 1/2 a share size.  I had some nice lower targets @ 65.19, 64.59, and 64.29.  With nice lower targets and a huge void to the downside, I felt confident after the 123 failure pattern that price would continue lower.  Well, for over an hour, FB stayed bullish bouncing around just under its PDC almost stopping me out of the play but I was finally able to hang with FB as it started to move down.  I added and sold moving price where needed and I even had to sell some shares at a small loss to stay in the play.  As we were heading into lunch time I felt the need to take the play off at a break even and go to lunch only to come back later to find that FB hit all of my lower targets, OUCH!  I'm posting this as a reminder to myself to stay in the play until targets are hit or I get stopped out, or the day ends!

FB 06122014
FB 06122014

    

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