108M float/19% short of float/77% institutionals
Stop: 9.10$
R: 4
The entry was pretty sweet. huge size was displaing at 9 and people started to bash it for a breakout into resistance. It ticked .01s with a couple of shares but went below .00s again. I was hitting .99s and the thing immediately flushed hard.
1st scale out: 1/2 into stops below .60s
2nd scale out: 1/2 after it retraced big from support at 20s
1st add: double up when .05s held with stop above 0.60
close: stopped out
Mistake: I actually wanted to turn this into a big trade and tried to establish a core position. However, just like most people failed to see, $OREX is not the usual pump&dump, it's a real stock with 77% institutional ownership. Short% is up 10% since it started to go wild and float rotation is already complete. This thing isn't just going to flush and die in a fire. Should have closed all at .40s
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-03-04 13:30:05 | OREX | sell | $8.990 | short |
2015-03-04 13:30:05 | OREX | sell | $8.990 | short |
2015-03-04 13:31:11 | OREX | buy | $8.570 | short |
2015-03-04 13:45:51 | OREX | buy | $8.430 | short |
2015-03-04 13:58:55 | OREX | sell | $8.510 | short |
2015-03-04 14:21:53 | OREX | buy | $8.620 | 0 |
"as that's where many people chose to take it short."
And that's the name of the game....how could this thing tank if everyone wanted to short it there? I had a gut feeling and didn't listen...instead I sticked to the plan. Time will tell, what's wrong more often: the plan or the feeling XD
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I like the idea you had with this trade even adding to it short where you did as that's where many people chose to take it short. My only comment is to have covered a bit more quickly when it broke back over its moving averages.