I took a 30 cent loss on a mental stop after buying the run-up which failed and reversed.
Flattening the position was the right thing to do with the share price continuing to sell-off in the near term by another 30 cents.
Trade Thoughts: I feel like this trade was a decent setup and had a good chance to be profitable. If anything I anticipated the break of the opening drive high a little bit, but we were north of the 9 & 20 EMA and well above VWAP. With hindsight, I feel like I exited decently as I would have had to ride through nearly double the loss in order to get the trade green again and an additional 19 minutes. It would have also broken through a whole-dollar support which would have made been a precarious spot to be holding under water.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-10-05 09:41:05 | LAC | buy | $16.547 | long |
2020-10-05 09:41:05 | LAC | buy | $16.546 | long |
2020-10-05 09:43:00 | LAC | sell | $16.240 | 0 |
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