Shared by
thearmotrader
In-play stock (Earnings)
-Went long "anticipating" 14 level breakout
-Dumb mistake because I went counter trend. Was worried if I went short I would have had bad fill > 14. Bad reasoning, need to remember "Trend is your friend my friend"
-Only had 1/3rd position but still, had I shorted could have easily made ~1 point as it eventually drifted down to $13
-Also was consolidating BELOW Vwap=bearish
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2011-08-16 10:27:00 | VIT | buy | $13.960 | long |
| 2011-08-16 10:32:34 | VIT | sell | $13.900 | 0 |
Comments
thearmotrader
^Yes exactly, hate when I do not know where my exit price will be. But still, I shouldve done 1/3rd or 1/2 size @ 14 and added when it broke down.
Or like you said, I could have given it a shot later at the retrace at 13.90
Jung
ThearmoTrader, the only trade in this chart was a Short. I was short VIT all day 08/16. Learn to understand the Daily chart. It will make you $$$
^@Jung
Ya, dont know what I was doing going long...loss didnt hurt me but the fact that I missed the short play hurt me.....
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Without seeing the tape, looks like you would have had to risk a potential 0.15 stop-out if you were short at 14 (looking at the spikes on the 1-min, and assuming they popped up there nearly instantaneously)...I hate situations like that where I love the setup, but the risk is higher than I'd like. But it looks like another potential short about 5 minutes after you exited, at around 13.90 - you would have had to be patient, but probably could have exited somewhere around 13...