Shared by
Driver42_BOWS
This trade should not really count as a winner.
The setup was good, the entry was chased by a long way and I entered before checking where my stop should go.
The high of the candle I entered was almost 40cents away and the previous candles were even higher with no moving average in sight.
It was too wild at the time I took the trade and it went against me a long way before coming back.
It got to a point where I could not afford to exit but could not afford not to.
Luckily I was shorting it after bad earnings made it open over 50% lower than it closed yesterday, so I held on and hoped for the best.
I exited with a minor gain as I realised it would not be fair and proper to keep hold of it for the whole move that was possible.
Due to the volatility it was showing I took it off my watchlist again only to find out later it had settled down and produced a killer flat bottom set up off the 20ma and 9ema a few hours later. It would definitely be one I would have taken if I had been paying attention and the stop loss would have been really tight too.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-04-24 10:37:12 | AERI | sell | $14.180 | short |
| 2015-04-24 10:37:12 | AERI | sell | $14.180 | short |
| 2015-04-24 10:57:58 | AERI | buy | $14.100 | short |
| 2015-04-24 10:59:11 | AERI | buy | $14.200 | short |
| 2015-04-24 10:59:11 | AERI | buy | $14.200 | 0 |
Comments
Driver42_BOWS
Impulsiveness, pure and simple.
When the trade triggered I could not get in at the price I wanted as it dropped as I entered my order, so I entered another lower order and then lower again.
Only a few cents at a time, but they all add up
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You said you chased it and knew it. So then why? Good job on recognizing that and getting out basically flat.