Was watching IWM and saw some weakness. IWM looked to me like it was bear flagging. When it dipped below low of the day, I thought it would possibly drop and fill the gap into the close. Decided to take a big stab at TZA with 1000 shares at $10.45. Gave it some time to drop but it retraced and found support at the 9EMA. 22 minutes after purchase I pulled the plug for a small loss. TZA would not have made me any $.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-05-08 14:02:07 | TZA | buy | $10.450 | long |
2015-05-08 14:26:35 | TZA | sell | $10.440 | long |
2015-05-08 14:26:37 | TZA | sell | $10.440 | long |
2015-05-08 14:26:37 | TZA | sell | $10.440 | 0 |
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I can see the logic for this trade. IWM running right into resistance and TZA rounding on the daily. I can see your bear flag on the intra day too. But with the markets in full rip your face off bear mode today you are seriously fighting the trend trying to short imo. You might be right on the trade but early. fwiw