What a rollercoaster. I noticed this 23M float stock was ETB on cmeg, which opened up a short play possibility, with the PML being an obvious entry.
However, I tried to remain unbiased and as the bell rang I thought the initial surge was up, but I got stopped out immediately. As it turned around I went short on the breakdown of the 1m ORB, which kind of worked for a while but I was waiting for the price to hit the PML level.
Suddenly a huge move up which stopped me out with a lot of slippage. After 15 minutes most of the people were shaken out and it started to behave a bit more normal. Then it proceeded to make exactly the move I mapped out in the PM, which would have been a major winner.
Unfortunately I already hit my max loss for the day so I was out. Frustrating but a good lesson that I should trust my plan a bit more and wait for a bit after the open to see how volatile a stock moves.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-11-11 09:30:12 | FPRX | buy | $22.990 | long |
2020-11-11 09:30:27 | FPRX | sell | $22.330 | 0 |
2020-11-11 09:31:07 | FPRX | sell | $21.610 | short |
2020-11-11 09:42:23 | FPRX | buy | $22.700 | 0 |
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