Shared by
RPB3
Stock was down a lot off its highs from the prior day. Looked to put a base in around 5.50. Started to flag under a whole number so I bought with my stop under the flag. Sold into the spike. Could have held it longer but the bounce eventually failed and faded off anyway.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-07-27 09:43:14 | SPHS | buy | $5.990 | long |
| 2016-07-27 09:45:29 | SPHS | sell | $6.150 | 0 |
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I would have avoided this trade. If I'm looking to long a "shitty" stock out of the gate, I absolutely need to see a weak open & hold. You have to assume after this prior days action that there's certainly nobody buying this name. So if you're long biased, you're primary thought is "try and find short covering sprees" - and this goes back to what we've been discussing about when it's a good washout long idea and when it's not. Think "are shorts panicking?" - and in this situation, they're not really. SPHS didn't gap up and have too many worried - which tells me the push out of the open was likely just some typical shorts filtering out and not sustainable, and then big washes & continued selling for the piggie that this name is.