Shared by
James_BOWSsim
Took a stupid gamble trade on this one, literally just got lucky. This stock is in a steep downtrend so I should have only thought to short it (at a different spot). I thought it was really extended so I Longed it as I saw a green candle form. Thought it would bounce back into its EMA's. Got a quick few bucks on this thing and kept a 10 share lotto, which was stopped out.
The reason I went in on this thing was it had no support underneath. I had a tight stop somewhere right under $165. I wanted to see if that level could hold. Too risky though, not to mention there is no setup. From now on I will be avoiding trades that are based solely on the premise of 'oh it looks cheap' or 'its gotta bounce soon'. Trades based on that mentality will lose a lot more times than not.
*A more wise strategy would have been to wait for it to run up into an MA and then short small (like around 10:50am). The intraday MA's weren't too far away from the price today. Making it not too risky to short at the 9EMA given the strong current downtrend.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-02-05 10:15:27 | TSLA | buy | $165.326 | long |
| 2016-02-05 10:16:24 | TSLA | sell | $165.785 | long |
| 2016-02-05 10:17:00 | TSLA | sell | $166.150 | long |
| 2016-02-05 10:20:08 | TSLA | sell | $165.310 | 0 |
| 2016-02-05 10:20:08 | TSLA | sell | $165.310 | short |
| 2016-02-05 10:20:12 | TSLA | sell | $165.330 | short |
| 2016-02-05 10:20:33 | TSLA | buy | $165.130 | 0 |
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