Grade=C-
P/L=+0.6R
Daily chart: Was in a longer-term uptrend which stalled and put in a double top with a support level of 5.0. It broke 5.0 and crashed downward on rumours of fraud generated by a Seeking Alpha article. The company rebutted it today saying there was no funny business.
Entry: Shorted the bounce after watching the 1m chart to gauge the "bearishness" of the price action. It looked like buyers weren't ready to step in and liquidity was drying up even through the spread remained tight. I don't like the low liquidity, but a slow fade was what I was after.
Result: I got the initial move and I took some off. I was attempting to be patient (greedy) to take more off, so missed the chance to take more off at 3.15. I tightened the stop and let it hit at 3.29. It seemed like heavier selling wasn't going to happen any time soon at that point.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-06-21 10:23:18 | CDXC | sell | $3.360 | short |
2016-06-21 10:29:52 | CDXC | sell | $3.340 | short |
2016-06-21 10:46:38 | CDXC | buy | $3.220 | short |
2016-06-21 11:06:41 | CDXC | buy | $3.289 | 0 |
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