N/a
-New CEO appointed - Ashley Buchanan (an experienced retail executive from Walmart)
-CFO leaving for another job
-Has been in downtrend since September 2018 $18 lows were broken
-Bottomed at $5
-Levels: 6, 7.90-8, 8.80-9
-Nice uptrend all day then end of day profit taking starting at 3:30pm
First Test Long of 8.10 level
Didn't use 8.25 as level since 8.10 level was longer and was a better support level. 3 out of 4 fantasy orders got hit, average was 8.12. Stock bottomed at 8.08 then bounced to 8.22 hitting one of my profit taking sell orders at 8.19. The stock then came back down to the 8.10 area testing it again but didn't retrace as high, only went to 8.18 the second time. After the bounce failed a second time I immediately looked to scratch the trade and closed my position at 8.09, the lowest price I paid.
Lessons learned:
After review I noticed increasing sell volume as the 8.10 level was being tested. I also noticed heavy and systematic selling on the tape (asks chasing the bids down). This analysis caused me to be defensive and I was correct to be so.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-12-27 15:44:10 | MIK | buy | $8.160 | long |
2019-12-27 15:44:11 | MIK | buy | $8.120 | long |
2019-12-27 15:44:55 | MIK | buy | $8.090 | long |
2019-12-27 15:45:19 | MIK | sell | $8.190 | long |
2019-12-27 15:47:18 | MIK | sell | $8.090 | 0 |
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