Shared by
camilogomez38
The stock open lower but went higher and failed close to 21.50 as expected (21.40). Next time it failed @ 21.35, so I decided to go short below the 2 MA (5 min chart), with a planned stop at the high of the day. I took 1/2 off when I saw the stock reversing. I tried to add a second tier back again when I saw the failure at 21 (.15 cent risk). I was stopped out. Then I was able to short again Tier 3 at 21.50 level as planned (15 cent risk again), and my target was the low end of the range. I took some off on the fast move lower.
Review
I still think I can get better entries when shorting a descending triangle type of pattern. For example I can short on the rally using the moving averages as entry (In this case 21.15 could have been a better entry.
In terms of the second trade, I was a bit lucky as I did not know the conference call was on. I could have hold Full tier a bit more.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-05-04 09:53:05 | MGM | sell | $21.060 | short |
| 2015-05-04 10:43:02 | MGM | buy | $20.870 | short |
| 2015-05-04 10:51:05 | MGM | sell | $20.940 | short |
| 2015-05-04 10:57:27 | MGM | buy | $21.140 | 0 |
| 2015-05-04 11:19:08 | MGM | sell | $21.420 | short |
| 2015-05-04 11:19:26 | MGM | sell | $21.540 | short |
| 2015-05-04 11:19:33 | MGM | sell | $21.570 | short |
| 2015-05-04 11:20:50 | MGM | buy | $21.410 | short |
| 2015-05-04 11:23:47 | MGM | buy | $21.200 | short |
| 2015-05-04 11:39:03 | MGM | buy | $20.880 | 0 |
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