-Recent consolidation at ATH's after an uptrend earlier this year
-Earnings beat and guidance raised
Long washout to prior support levels
Very disappointed in myself on this trade, I made the same mistake as I did on Monday with XNET, I bag held my scalp and didn't stop out in time, lost way more then I should have! I actually had an opportunity to sell 600 shares at a 7-8 cent profit but I didn't.
After reviewing the tape I noticed that there were big asks the whole way down and they kept dropping them. The deciding moment where I should have cut my position for a small loss was when I saw a huge bid get eaten up easily by the sellers.
Overall I need to pay greater attention to the tape and make decisions more quickly based on the obvious things I see!!
Lessons Learned: I don't ever want to make this mistake again. In order to avoid this mistake I will:
1. Pay greater attention to nuances of the level 2 / tape
2. Only add lots if I see new and refreshing strength on the level 2
3. Exit immediately if price starts running away from me and the asks are heavy
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-11-06 09:32:04 | OESX | buy | $3.180 | long |
2019-11-06 09:36:11 | OESX | buy | $3.100 | long |
2019-11-06 09:51:22 | OESX | sell | $2.820 | 0 |
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