Shared by
eliezer_BOWS
I thought it was in a downtrend and would continue to break past support. Tried a short. As soon as it bounced I covered for a 7 cent loss. If I had looked more carefully at daily charts I would have seen it was generally trending up, and I didn't have a case for a short.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-08-07 12:37:49 | RLGY | sell | $38.230 | short |
| 2014-08-07 13:30:22 | RLGY | buy | $38.300 | 0 |
Comments
Mari_BOWS
2014-08-11 19:49:25
Checked the chart, and I shorted actually 2-3 minutes before it bounced, not seconds. Sorry, haha.
eliezer_BOWS
2014-08-11 21:05:59
Wow, I looked at your FEYE trade, and I am impressed with your timing, 180 seconds is still seconds, LOL! But seriously, your point is well taken and much appreciated.
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Always look at the daily chart before entering a trade! It has cost me money not to do it, because there are support and resistance levels you wouldn't see without looking at the daily chart. Reminds me of a trade I made. I didn't look at the daily chart, but simply shorted a downtrending stock, because Nathan Michaud on Twitter mentioned. The daily chart didn't really have a support at where I shorted, but it's interesting anyway, because the stock was it's 5-year bottom! I shorted at the stock's 5-year low and right after i shorted, the stock bounced and kept climbing upwards. I didn't have a stop set and I'm glad I exited the trade immediately, because the stock never came down again and kept climbing up from where I shorted. It was my biggest loss ever. You can see the trade here: http://www.tradervue.com/shared/trades/989560 I'm simply amused how I shorted a stock at it's 5-year bottom exactly seconds (!) before it bounced and never came back. It happened so fast that I'm very lucky to only have lost 2.4% on the trade or $143.60 After this I made sure to always look at the daily chart and to set stops immediately after entering a trade. I never intended to lose this much on a trade, but the stock moved so fast that I had no time to react.