Shared by
EliBrown
My plan going into today on this stock was to short it as it was very overbought with a resistance level around 61.26. I was watching for weakness at the open or for the stock to making a lower high for potential short opportunities. My first entry was 200 shares at 60.42 on what looked like a bear flag. This was not a bear flag and I was forcing a trade here because of my bias to go short. I shouldn't have been thinking bear flag at this point considering where the stock was coming from. I was stopped out at 60.70. My position sizing was also to large considering the set-up.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-03-03 10:57:17 | FSLR | sell | $60.420 | short |
| 2015-03-03 11:06:19 | FSLR | buy | $60.710 | 0 |
Comments
LPeriman_BOWS
I like the fact that you had your thesis based on the daily chart and then you just looked for the right signal to enter in accordance with that thesis. Sometimes, that won't work. Afterall, this IS a numbers game. But in this case, I think you chased your entry which caused you to lose. Well at least, lose more than you had to... and then forgot to keep watching for re-entry, or seemingly so.
EliBrown
Drive42: Very true, I second guessed my short when it broke above the resistance line I had drawn so I didn't take it. I should have continued to stalk it. Thanks for reviewing my trades, it helps me a lot. Cheers.
LHardest: Yes, definitely chased. More of a FOMO trade because I had missed the ideal short entry earlier on when it briefly popped above resistance. Thanks for reviewing also, cheers.
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If you knew there was resistance at 61.26 you should have shorted it around there. What a trade that would have been.