Shared by
handycandi_BOWS
Shorted as it crossed below the 9SMA; should have covered into the spike, but was greedy, and held until it crossed back above the 9SMA.
Shorted again several minutes later as it crossed back below the 9SMA. In retrospect, I should have held longer, but I was antsy to not hold it too long this time, so I covered when I had a profit on this stock for the day.
Questions
Just after I'd hit short the second time, Kunal said in chat that it wasn't the right spot to short; he was going to cover some at the low spot, and then short again when it bounced back up. What did I do wrong? Was my profit on the second move pure luck?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-05-21 10:00:42 | PETM | sell | $59.070 | short |
| 2014-05-21 10:10:51 | PETM | buy | $59.220 | 0 |
| 2014-05-21 10:24:10 | PETM | sell | $58.780 | short |
| 2014-05-21 10:25:52 | PETM | buy | $58.600 | 0 |
Comments
Sayed
I think your entry was great , just needed to hold a piece. http://prntscr.com/3ldkv9
elnozdy
This was a tricky one to trade today. Usually these ones squeeze to the 20 ema (not everytime of course) when they show that strength in the morning. When it broke the 9 ema I think you did the right thing to cover as it could squeeze pretty damn quick.
Then, this one tanked all of a sudden pretty hardcore ($1 candle) so it was hard to catch with defined risk levels. If you placed a stop where would you have put it? High of the day? thats $1 risk (based on your $58.78 short) so it could've been a risky trade with not a great R:R ratio :).
Just my 2 cents girl!
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Your 2nd entry was a bit of a chase but it was the right play. Your mistake was listening to outside influences. Personally I never use chat rooms as they cloud your judgement, too many opinions.