Shared by
ckz8780
Daily range breakdown. Good entry, excellent first cover but should not have been so greedy on the second half. Let it come all the way back up to above my short price and gave back what could have been almost $100 in profit. Overall +$16.00 minus commission so basically a flat trade. Great idea but poor management.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2012-12-28 09:40:58 | VICL | sell | $2.750 | short |
| 2012-12-28 09:43:21 | VICL | buy | $2.680 | short |
| 2012-12-28 11:09:04 | VICL | buy | $2.780 | 0 |
Comments
ckz8780
Yea normally I would cut this at b/e but it was so slow-moving I thought it was just short covering. That initial flush was nice but I chased it a couple pennies (I wanted it at $2.77) so I cut it a little early. I tend to be greedy on these because I take small positions since I am using per share commission. If I were on a per-trade commission basis I probably would have taken 2K shares on this and just cut it at 2.62 or so for the $150 gain. Tougher to make those kinds of gains on small stocks with per share unless you wanna spend $20 each way on the trade lol
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That is the challenge with nice tight stops. It is easy to make quick bucks but it you don't have a lot of shares you look at p&l and say you need more. Good entry. Good first exit about 1r. For me I would have probably moved stop to BE after it went 2r on the back portion. I probably wouldn't could 2.67 as a significant 5' pivot.