Shared by
James_BOWSsim
Wasn't sure what to describe this trade as on the daily. As we saw a reversal at the open I shorted this as it bounced off of the 20 EMA. Kunal called this one, and after seeing the SPY start to bounce off of its 9 EMA I decided that was confirmation to short this one. This stock and the S&P have an inverse relationship in terms of price and underlying volatility.
Covered half after I made back my risk, then the other half when I saw the trend begin to change. Glad that I did because I would have been stopped out otherwise in this case.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-01-19 09:56:01 | UVXY | sell | $47.830 | short |
| 2016-01-19 09:58:38 | UVXY | buy | $47.194 | short |
| 2016-01-19 10:00:17 | UVXY | buy | $47.320 | 0 |
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