Shared by
foldelinio_BOWS
172.60M/no info on short float or institutions
Stop: 19.20$
R:-1
Company in trouble, huge fade two days ago, it pops at the open and trades up penny by penny. Suddenly 300K shares traded above the offer at 19.16, indicating that there is a hidden seller, the stock never touches .16s and ticks down right away. I started to short small and waited for the flush. Did not come and I got out for a small loss.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-03-20 10:49:36 | SQM | sell | $19.120 | short |
| 2015-03-20 10:52:06 | SQM | buy | $19.200 | 0 |
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No short set up at that point. The 300k shares you saw trade was a negotiated trade between two institutions. Someone bought it and someone sold it. So it was a good indication to check for change of direction. But think about if there was a big seller in the market that found a buyer of 300K, now that seller is most likely out of the picture. And if there are buyers around, then it's going to go up quickly. The indication that the buyers were done was when that big red candle dropped. Not saying you would have been able to hit it at the top, but you can look at a 1 or 2 min chart at the same time and set a sell stop to short just below the ema. That would have given you a decent entry.