Sunday, August 17, 2014

Closed VRNS

I had hoped that this would reverse and give me a trend that could produce a 20-30% move.  It didn't happen.  When 20 broke I got out. 

Entry 1:  $22.15
Entry 2:  $21.62  
Exit 1:  $22.64 (sold pre-earnings rally to reduce position size going in)
Entry 3:  $20.65
Exit 2. 19.96  (break of 20)

So what happened?  I'll blame this one on recency  bias, as my previous trade in VRNS ran 5 points in my favor before selling off.  I had hoped it would find support and do so again.  There's no uptrend, it was relatively weak compared to the market.  I had several points where I could have exited for profits (indeed my initial exit was successful) but ultimately I paid the price. 

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