PTI got destroyed in the premarket session and when it bounced and started looking heavy on the Offer again I decided to take a shot at this trade since the momentum had clearly shifted based on the drop it had.
I wasn't completely confident that $3.25 was going to be the top of this bounce so I sized in small looking to add into a $3.75 or $4.00 push back to R/G area. In the end I never had a chance to feel good about adding so I stuck with my size and played the chart.
Which threw off my R/R on this trade.
My entire goal was to see if it would push down to $2 and show me what it did on the $2 test.
In the end I sold half ahead of $2 and then some under $2 which locked me in over a $1 per share trade which I was very happy with.
With key daily levels on my chart.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-12-17 08:44:20 | PTI | sell | $3.040 | short |
2019-12-17 10:24:18 | PTI | buy | $2.055 | short |
2019-12-17 10:33:13 | PTI | buy | $1.870 | 0 |
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