T Mobile has been in a longterm down trend, moving from a high of $150 to a low of $100. They reported strong earnings of:
EPS $.34 vs $.18 estimate, Revenue $20.79BN vs $21.09BN estimate
They received lots of raised targets in the $180 range implying lots of potential upside for fund managers. My bias was bullish on the name.
TMUS had a strong reaction to earnings with little retracement. It broke over the pre-market high in the first minute of trading. It pulled back slightly to VWAP, which I used as my entry point, risking a move below $120. I was looking for the stock to form a bull flag and move higher on the strong earnings results.
The trade started working and I was pretty aggressive about taking off shares to cover risk on the trade. I had sold 2/3 of my position into 122. I put a stop directly below my entry at $120.35, which was also just below the low of the previous minute. Apparently everyone trading TMUS long had their stop right there and when it broke, I got slipped $2. I literally don't know if I've had such bad slippage before and it took all the profit from the trade.
What a bummer of a trade. I did everything according to my system and the slippage took all the profit out of the trade. Taking off just enough to cover the risk on the trade saved me from a loss although.