Shared by
TheFrenchTrader
The idea was to short the breakdown of yesterday and this morning pre market support level of $52.5, with the next support level being $51 and taking profit along the way to the resistance level.
I did short the break as planned, but the stock rebounded immediately (which i did not really expected), but knowing there was a resistance just above the $53 level, i added another 300 shares at the top. As long as the price would not go above $53.30 the trade was still ok.
The first partial was at the $52 level to take half of the share off the table.
In hindsight's the better entry would have been to short the pop above the $53 resistance level. This would have been a better risk/reward ratio. Still a very profitable trade at the end.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-11-17 09:31:30 | PTON | sell | $52.250 | short |
| 2021-11-17 09:31:30 | PTON | sell | $52.440 | short |
| 2021-11-17 09:33:33 | PTON | sell | $52.810 | short |
| 2021-11-17 09:33:55 | PTON | sell | $52.940 | short |
| 2021-11-17 09:38:34 | PTON | buy | $52.100 | short |
| 2021-11-17 09:40:09 | PTON | buy | $51.850 | short |
| 2021-11-17 09:43:00 | PTON | buy | $51.550 | short |
| 2021-11-17 09:47:43 | PTON | buy | $51.050 | short |
| 2021-11-17 09:51:07 | PTON | buy | $51.600 | 0 |
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