Whew.....completely screwed the pooch on this one. There was a good run with no downside from 8-9.25, so I watched patiently and was watching the tape around the 8.80-8.90 level where the price action seemed to be getting heavy. I felt the tape was showing some downside pressure, so I entered however I was wrong and unfortunately look at the screen as it ran a solid .40 against me. I sized down some and then looked to re-enter when I felt the level was being breached again. Everyting was looking good, however didn't much atention to the small swipe that happened from the 8.70 level back up to 9 and I got to comfortable. When the price got back around 9.10 I looked to exit, but had an issue with my montage order entry and got an alert, By the time I found the window and cleared it I was thoroughly behind the curve and instead of cutting everything Ike I should have I cut some and let it ride to try and minimize th damage, however that proved to just cause more issues and it ran another $1 on mm.
Overall I still feel like the idea was nice based on the "heaviness of the chart", but the overstaying past 9.00 was my terrible mistake. It seems like these kinds of overstays every so often lead to big losers that are killing me.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-01-03 12:45:07 | SAVA | sell | $8.700 | short |
2020-01-03 12:59:47 | SAVA | sell | $8.860 | short |
2020-01-03 13:11:38 | SAVA | buy | $9.250 | short |
2020-01-03 13:13:15 | SAVA | buy | $9.290 | short |
2020-01-03 13:32:00 | SAVA | sell | $8.970 | short |
2020-01-03 13:50:36 | SAVA | buy | $9.430 | short |
2020-01-03 13:52:30 | SAVA | buy | $10.130 | short |
2020-01-03 14:01:00 | SAVA | buy | $10.910 | short |
2020-01-03 14:08:01 | SAVA | buy | $10.720 | 0 |
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A lot of people try to pick the tops and bottoms which I believe is very hard.
Try to long trades instead of trying to scrape them.
Good review though.