Let me count the mistakes in this trade. My goal was to get short on the first red candle which I did. Because the stock was up so much put my stop out way too far, so far I didn't put one on. So I didn't manage my risk well and as a result I lost big. At that 1 o'clock green candle on the 5M I thought surely there is just way too much hype and that it would come back down towards my breakeven. But 9$ acted as support throughout the rest of the day and I was forced to close out my trade as a loss. A big one. Luckily I made decent money the day before which will still keep me in the game.
My entry was good by entering on the first red candle on this parabolic move where it went bad was not defining my risk for that trade.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-08-07 11:08:16 | AQXP | sell | $5.590 | short |
2015-08-07 12:36:56 | AQXP | sell | $8.560 | short |
2015-08-07 12:43:40 | AQXP | sell | $9.010 | short |
2015-08-07 13:14:11 | AQXP | sell | $10.460 | short |
2015-08-07 17:01:48 | AQXP | buy | $11.200 | 0 |
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