Grade=D
The setup: short the bounce
The result: I shorted the bounce, but it hadn't finished bouncing. Stopped out beautifully.
Entry: On the 2nd red candle. It turned out this was a mini bear flag
Exit: stopped out right where I set the hard stop
The lesson: What can I do to make sure the bounce is finished? Maybe I could have waited longer. Since it was 11am, maybe that would have made sense and a fast move down wasn't going to happen anyway, so waiting a couple more minutes would have served me. It was right at 33.00, so waiting for that to crack would have been wise I think.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-06-04 11:30:46 | CMCM | sell | $33.050 | short |
2015-06-04 11:38:24 | CMCM | buy | $33.150 | 0 |
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