Rationale:
-reported earnings before market open (beat) and was slightly gapping up
-high SI
-given catalyst and high SI, I thought this name had the potential to move
Recap:
-there was selling on the open and MNK was finding support above the down trendline (channel)
-I entered as it began to make a push through the HVN @ 16.14; got a bit of FOMO here and bought right at the top of candle before price reversed and went down to support where I should've entered
-didn't take profits as it made a push higher (I didn't become aware of the resistance - monthly/weekly/daily VWAP, 8ma and PCLose - stacked in the 16.30-16.45 area in real time)
-when price got down to my mental stop I closed out the trade and price immediately reversed higer
-need to review tape to see what made price reverse higher, but i'm pretty sure it was the ~60K order that executed on the ask
-lesson: had I got a better entry against resistance, this could have been a winner because price never dropped more than 0.05 below support line
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-05-07 10:10:24 | MNK | buy | $16.140 | long |
2019-05-07 12:04:42 | MNK | sell | $15.930 | 0 |
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