Trade: -A. Should've scaled into my initial position like I did on my second trade. I don't recall why I exited at 52.89 but it was a good decision as the price tried to bounce back to $60. $60 seemed to be a level of support/action the day prior, and I was fairly confident that even though it may test, it wouldn't break. Sentiment had moved on to CARV/SQBG et al. Slowly rebuilt into my position. My last entry was less than ideal as I needed to leave, had I waited I could've shorted my last 1/4 @ $57.
Overall I treated NEGG much the way CARV was the day prior. Overextended, elevated ATR & RVOL, and not much reasoning behind the price action. It was two days post initial rip, and sentiment was fading. I used a wide stop of just shy of $3, but still at/below what I felt would be a technical breakout. I let the trade play while I went to work. I chose $47.75 as my lower bracket based off technical levels. Support seemed to be established at $46.50 premarket, and I wanted to be a little clear of that level in case of a bounce which was near perfect. Bounced of $47.59 and my order was triggered. Price did dip down to $45's later in the afternoon but I still wouldn't change my stop.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-07-09 09:51:03 | NEGG | sell | $54.000 | short |
2021-07-09 09:55:45 | NEGG | buy | $52.890 | 0 |
2021-07-09 09:59:23 | NEGG | sell | $56.500 | short |
2021-07-09 09:59:40 | NEGG | sell | $57.000 | short |
2021-07-09 10:04:37 | NEGG | sell | $58.000 | short |
2021-07-09 10:18:22 | NEGG | sell | $54.823 | short |
2021-07-09 12:16:47 | NEGG | buy | $47.750 | 0 |
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