WLL Trade on Mar 9, 2015 12:39 from foldelinio_BOWS: Tradervue User Stock Trades.

151.26M float/10.30% short of float/91.60% institutional

Stop: 38.20

R: 1.2

Catalyst: $WLL was looking for a buyer + 40$ level tapped multible times.

I liked that trade, although I missmanaged it. I wanted to establish a core position below 40$, scale out a bit to come out at least at even and wait for the 40$ level to break. The stock traded on heavy volume (the average daily volume was reached in the first hour) so I thought 40$ would be no problem.

1st scale: Iceberg at 39$ that soaked up approx. 200k shares. I did not want to risk a sudden flush, so I took off 1/2 at slightly better than 1:1

2nd scale: 39.88$ was the top and the tape went completely lunatic up there. I had to take some off, because the top has been advertised.

I will go into the mistakes section right away:

First of all, there were three possible entries and I missed the first two, which were the best ones. The first one was the first retracement into 37.40$ when almost 180k shares in big size blocks were trading at the offer. This propelled the stock up almost one dollar.
The second entry was at 38$, when the stock coiled up for the first time and again a huge order was hitting the bid and it held. I went in at the last possible chance.

Second, huge size was trading the entire mourning. We not only had 150K shares/minute average, but also decent blocks of institutionals/big traders/arbs. Those big guys did not show up on the tape after the top was in. My plan was to scale out, wait for a retracement to 39$, slowly scale in again and exit on the break of 40$. But there were no big buyers anymore, volume decreased and the party was over. I failed to realise that. The optimal close would have been around 39$ as soon as I realized that there were no buyers above.

3rd scale: remount of 39$ from below
close: at my initial entry.