Combining the tape with the chart on this one may have saved me from getting squeezed. Took on quite a bit of risk with a chased entry on the bear flag. Biotech's had a major fake out and dumped at the open. I was hoping to catch a piece of the move but the easy money was already over. I shorted 150 shares at 99.57 and had no choice but to keep a tight stop at the apex of the bear flag at 99.75 with such a wide range stock. I chased my entry so if it didn't have the juice to crack and the bear flag failed I would stop out of my position. I covered 50 shares as soon as the asking price moved up but should have been covering my full position as a swarm of buyers were jumping ahead of one another. I ended up covering the remaining 100 shares at 99.73.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-04-09 10:48:48 | ESPR | sell | $99.570 | short |
2015-04-09 10:55:40 | ESPR | buy | $98.990 | short |
2015-04-09 11:08:28 | ESPR | buy | $99.730 | 0 |
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