-Was In-play as they had reported earnings the night before.
-Trend in After hours was up. Trend in pre-market was Flat but started to see some selling prior to open. Was gapping up ~4%.
-I had 42 as a level I was watching (was pre-market support).
-Was actually long (but NOT in size) a few minutes earlier as .90 was holding the bid, but 42.00 did not lift so I hit out for flat.
-Shorted .98 to get a 1/3rd size position. Was not able to add size. I hesitated and it cost me. I need to just pull the trigger at the best Risk/reward spots. Need to work on this.
-Covered WAY TO early. Should have at least held it for 1+ point. Left ALOT on the table.
-No other Trades in RHT.
Questions to @smbcapital:
1) How do I "Man up" and just pull the trigger (to get full size at the level)? I often worry that the seller is going to lift and that im going to be stuck covering 20+ cents higher (thus negating the great risk/reward trade).
2) How do I decide where my stop is if im shorting 42.00s? Do I just cover if it lifts? More complex stops (1/2 size stops at different levels?)?
3) How can I work on being more patient? To not worry about covering it on the first drop and rather covering it at a better area (like when it reverses or finds a buyer, or long term support,etc).
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2011-09-22 09:41:52 | RHT | sell | $41.980 | short |
2011-09-22 09:44:54 | RHT | buy | $41.440 | 0 |
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