I didn't analyze this long enough to determine that the stock was running into a significant resistance level from previous highs on the daily. I took the gamble expecting a breakout as the stock coiled underneath resistance. I held onto the trade as it consolidated for the rest of the day and moved my stop-loss to 8.04. My stop-loss was triggered as the stock spiked down and then closed along the VWAP. The stock had already made an 8% run-up where I bought expecting the breakout. I should have realized it would be way to over extended to break the resistance level.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-02-13 11:22:12 | GRPN | buy | $8.110 | long |
2015-02-13 13:49:47 | GRPN | sell | $8.040 | 0 |
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slightly larger float stock it doesn't run well on mini flags