set up 6/10:
good: below 62 level on daily, obvious downtrend on daily, the stock closed the gap and became heavy at the resistance, shorting right after the support on 1 min is broken.
bad: 61.50 was a noticable resistance that could have reversed the stock
entry 8/10:
bad: could have shorted sooner, right after the break. Could have added below 61.50 after retesting on 1 min
exit 5/10:
good: exiting at good prices after acceleration.
bad: Could have left bigger core for my target potential of 60.0. Covered too soon at 61.50, the potential was too shallow.
Note: Before entering the trade need to make sure I outline all potentials and weigh them before entering otherwise I might exit too soon like at the level 61.50. This set up might not have been good enough to enter for the same reason. Should keep bigger core position for target potential (only 20% in this trade)
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-10-26 10:06:33 | PENN | sell | $62.070 | short |
2020-10-26 10:17:21 | PENN | buy | $61.490 | short |
2020-10-26 10:17:52 | PENN | buy | $61.530 | short |
2020-10-26 10:58:32 | PENN | buy | $60.300 | short |
2020-10-26 11:03:49 | PENN | buy | $59.900 | short |
2020-10-26 11:11:01 | PENN | buy | $60.120 | 0 |
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