In case the pot stocks started to be weak, I was shorting CGC. In case they were strong, I was longing TLRY. CGC was holding up much worse near its highs than TLRY, so it seemed appropriate to use them like this.
I was switching between symbols at the open, and was not prepared for the drop that came through the open on this.
However there were signs this could happen, especially since we gapped up so much, it would tempt profit taking, which would result in larger swings of indecision. If I were to do this trade again, I don't think I would have done much different because there wasn't really enough time that had elapsed to warrant changing the trade.
However, as soon as I had realized I was stopped out of TLRY I went short CGC through the open. This was good, but I should have gotten my entry a little closer to the open. I could have placed an alert near the open to give me warning ahead of time for the entry.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-03-25 09:31:04 | TLRY | buy | $8.080 | long |
2022-03-25 09:31:09 | TLRY | buy | $8.175 | long |
2022-03-25 09:33:11 | TLRY | sell | $8.060 | long |
2022-03-25 09:33:11 | TLRY | sell | $8.060 | long |
2022-03-25 09:33:11 | TLRY | sell | $8.060 | 0 |
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