This was my sympathy play with RIG. I missed the first flush but I waited as the stock bounced back to the 9 EMA to take a short. I froze a bit on my entry and didn't get quite as close to the 9 EMA as I could have. As the stock was flushing I covered my first set of shares near the LOD. I was expecting another flush as the stock bounced back to the 9 EMA for a second time. It took me a while to realize that the stock was hitting the 50 SMA on the daily and the flush was over. When it began breaking the 9 EMA and showing signs of strength I covered up the rest of my shares.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-02-11 10:16:41 | LINE | sell | $12.410 | short |
2015-02-11 10:43:15 | LINE | buy | $12.160 | short |
2015-02-11 10:58:40 | LINE | buy | $12.260 | 0 |
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