Shared by
ckz8780
Tried my hand at a little knife catching. Though admittedly this was a bit of a revenge trade and I normally don't fight the trend, it was clearly thought out. After 10-12 red candles and when the stock was looking extended I started to watch. There was daily support in the $34.70 area so I added 100 under $35 for a round number bounce, then went for another round bounce at $34.50, where there was support from the previous day, and again after it bounced off $34 and finally printed a green candle. The candle quickly faded so I sold my 300 from $34.57 average at $33.87 for a loss. I caught this knife alright...BLADE FIRST! Haha, damn thing just didn't wanna bounce. typical pump and dump.
300 shares
-$211.94 (-2.07%)
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-06-13 14:48:26 | MYGN | buy | $34.950 | long |
| 2013-06-13 15:01:52 | MYGN | buy | $34.476 | long |
| 2013-06-13 15:09:08 | MYGN | buy | $34.304 | long |
| 2013-06-13 15:13:52 | MYGN | sell | $33.870 | 0 |
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Ah man. Court ruling against Myriad about patents. Crazy thing though. When I read it I thought it was negative but the stock was moving so I took a long entry with the momo. Then later everybody digested the news and realized this company was screwed.