Shorted the bounce on fresh ecoli news at 528. Set hard stop at 530, just above where it found support at 11:30. Stop was just a little too tight, as it traded to 531.50. The trade would have worked for about 10 points if I hadn't been stopped out. It was moving so fast I missed the short window to re-short it.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-12-21 14:56:55 | CMG | sell | $528.000 | short |
2015-12-21 14:57:36 | CMG | buy | $530.480 | 0 |
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The stock had a $30 range in 10 minutes. A $2 stop is a loser all day with that range. Better to trade small and put your stop above the spike around 538. Once the market defines itself you can tighten your stop and add size to get you up to your normal size. Where you sold was the middle of the range so its 50/50 bet anyway. Also the context is bad for a short as price is testing the Dec 7th low of 515 on the daily and forming a wedge on the higher time frame. You can find a better edge than that.