Was a bit of a chase so I entered with smaller size thinking that it may want to test r/g so left room for that to happen. It ended up doing just that and I was thinking of adding but there was quite a spread on level 2 so just let it play out. Turned out I took profits a little early but happy with the trade and happy that I followed the plan and didn't panic out when it went against me for a bit.
Another plan I could have had with this one would have been to take the initial loss for 10-20 cents and reassess and see how it reacted at the r/g level and re-entered at a higher level. Would have had a similar result and less stress. Also if it did end up going green the losses would have been way less. An adjustment I'll make going forward.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-07-06 09:33:25 | XBIT | sell | $16.190 | short |
2016-07-06 10:18:20 | XBIT | buy | $15.670 | short |
2016-07-06 10:18:29 | XBIT | buy | $15.670 | short |
2016-07-06 11:04:07 | XBIT | buy | $15.190 | short |
2016-07-06 11:04:07 | XBIT | buy | $15.190 | 0 |
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