Shared by
BenLbTrading
First dip got bought on this earnings gapper. I remembered how easily this pops and fades so I gave it a few minutes and when it started to show weakness I bailed out for a small loss.
Rebought this on consolidation and sold entire position into first pop for an ok profit since I had to leave. If I'd have had more time, I would've held onto some shares.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-12-23 09:35:08 | JRJC | buy | $6.400 | long |
| 2014-12-23 09:40:06 | JRJC | sell | $6.390 | 0 |
| 2014-12-23 10:29:23 | JRJC | buy | $6.070 | long |
| 2014-12-23 11:38:12 | JRJC | sell | $6.220 | 0 |
Comments
BenLbTrading
2014-12-24 09:04:10
That's an interesting thought Tom, thanks. I'll have to look into it. I'm currently just on the simulator but plan on going live with Clique after the first of the year. It would be a great question for Geoff.
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This trade got me thinking, because I've been in similar circumstances... I don't know what broker you have (I have ThinkorSwim) but you could probably do this on most platforms. Create an OCO order to close, both orders being conditional orders. Order1 would have conditions that would reflect your stop and target. Order2 would be a market order to get you out before the close in case the stop or target are not hit and you didn't want to carry it overnite, to wake up the next morning to find it has gapped 50% against you. Maybe something to try...in a small way at first (in case it gets screwed up)