Shared by
yoosh
I was going to play this as a bullish gap and go because the stock was gapping over key levels of resistance and I thought that this beat down chart would have all the short panic and I would go long on the bounce.
Unfortunately I read the levels wrong and this stock actually ended up openning right at the resistance levels. This meant that all the shorts would probably add to their position here because they have another opportunity. I did not see this though and was waiting for a bounce.
What key things did I miss?
- it opened at reistance and not above it.
- Strong red candles at the open indicating strong shorts.
- I was playing a gap and go, and this cleary did not gap and go, it rejected so don't try play a retest gap.
I had bad risk management and kept trading this...blew my tiny account up.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2022-01-07 09:57:41 | JAN07'22 170 CALL | buy | $0.8300 | long |
| 2022-01-07 10:00:26 | JAN07'22 170 CALL | sell | $0.6300 | 0 |
| 2022-01-07 10:10:35 | JAN07'22 150 CALL | buy | $3.500 | long |
| 2022-01-07 10:22:03 | JAN07'22 150 CALL | sell | $2.330 | 0 |
| 2022-01-07 10:26:15 | JAN07'22 150 CALL | buy | $2.140 | long |
| 2022-01-07 10:32:41 | JAN07'22 150 CALL | sell | $1.630 | 0 |
| 2022-01-07 10:34:29 | JAN07'22 150 CALL | buy | $1.780 | long |
| 2022-01-07 10:53:43 | JAN07'22 150 CALL | sell | $0.8800 | 0 |
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