Breaking News Play in AMGN; one of their drugs was rejected by the FDA. This appeared to be bad news as the stock immediately got hit, so I got short risking 1 point with 5 shares; since I was expecting this to be a big move I risked more, looking for a bigger gain. Unfortunately there was no volume or follow through. To be honest I should not have given this as much room as I did (maybe used more shares but less wide of a stop?) because if it was going to work it would have just kept flushing. Unnecessarily large loss relative to my max R.
Started off as a B+ setup and quickly became a C setup, if that
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-08-28 15:03:00 | AMGN | sell | $206.510 | short |
2019-08-28 15:17:03 | AMGN | buy | $207.520 | 0 |
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