Shared by
marz_BOWS
Second time I traded this and second time I lost. Was 0/3 on this stock today. I clearly have an issue here.
This formed a bear flag. I missed the cover for profit and wound up selling at a loss. Got greedy and it bit me.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-06-04 09:51:07 | NQ | sell | $9.680 | short |
| 2014-06-04 10:00:18 | NQ | buy | $9.730 | short |
| 2014-06-04 10:00:18 | NQ | buy | $9.740 | short |
| 2014-06-04 10:00:18 | NQ | buy | $9.722 | short |
| 2014-06-04 10:00:19 | NQ | buy | $9.721 | 0 |
Comments
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Did you have the pre-market data on your chart? When a stock trades actively in the pre-market, those levels can be important as they were in this case. We had potential support at 9.65 where we bounced right after the open and we had an earlier low around 9.40 where the second attempt to trade lower failed. At 68 you basically shorted directly above previous support. The first one broke but the second level held and at that point the stock was IMO a long.
Short could have worked if you would have sold the small flag/pullback to VWAP + 20 EMA right after the open at around 80 with a 15-20c stop. Then you could have covered some into 65 in case it holds and then some more into 40 and the rest when it became clear that momentum had turned.