tradersams blog

Oakton close

OKN:  Closed my position in Oakton today at $3.40, for an overall loss of 3.89%.

This has been a predictable outcome as the share made a higher low (light blue sketch), but failed to make a higher high (purple sketch).  The share then bounced off the ATR stop loss line, and ended up falling through it yesterday, also falling through the trendline at the same time.

Looking at my post when I pyramided in (here) I was clearly bullish, firing off the three white candles – but I did what I said I’d do – I stuck to the plan.

Issue with this trade – I pyramided in too early.  I should have waited for the higher hig, which I did not do – I jumped the gun a bit.

Looks like Oakton is getting set up for a short.  I’ll keep an eye – although we might just see some consolidation.