Stock came up on my scanner along with several other gold stocks like IAG and SAND for a potential breakdown. Gold ETF (GLD) had the same pattern too, looking like it could breakdown further. At the time market was weak, and all signs pointed to a big flush if the LOD on EGO were to crack. Never got it and instead GLD and SPY rallied higher. Ended up getting stopped out for a small loss. I believe 9/10 times I would have been right, but this was one of those rare times it didn't work out.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2013-04-03 13:49:17 | EGO | sell | $7.930 | short |
2013-04-03 14:12:08 | EGO | buy | $8.000 | 0 |
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Daaaang look at that 11:30 flush! You were taking on technically the 4th short (one at 9:30, one at 10:30, one at 11:30, and yours)...the 3rd/4th are always weak. The stock was already down like 7% too. I think if you can catch these in the early morning they are much higher probability.