Shared by
CapitalMastery
Summary
Was thinking there could be more downside on INTC today due to how the market responded to their earnings news, but due to the size of the gap (13.5%), was thinking there was a chance of a reversal. Shorted it on entry, but admittingly chased behind a fake 1min 20ma cup. Fortunately, I realized after getting in the trade that Intel was having a hard time going down further, so I just decided to cover, and wait for a long opportunity, or at least a better short entry signal.
Did Right
Got out of the position once I realized I entered too early, and that the stock was struggling to go lower.
Did Wrong
Entered without a valid entry signal.
Improvements
Don't chase moves, if it moves far away from the 5min 20ma on open, without a pullback to the 1min 20ma, then wait for a 5min 20ma pullback to start looking for an entry.
Next Trade
Thinking we get a reversal in coming days as $50 held up as support.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-07-24 09:37:18 | INTC | sell | $50.142 | short |
| 2020-07-24 09:43:22 | INTC | buy | $49.990 | 0 |
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