From 9/13 to 9/15, MGM was coiling tightly on the daily chart, which had me thinking swing long. On Friday 9/16, the range high was broken, so I put on a first leg. The stock gapped down on Monday 9/19, but also held above the range lows...so I waited. Late in the day the stock again broke the range highs, so I added twice, quadrupling my position. On 9/20 the stock gapped up and I waited to see what it had in it. As momentum abated, I sold half of the position, and when another leg higher failed to materialize, I sold half of the remainder, down to just 1/4 position now. It finished weak, and I exited the final portion on the gap up on 9/21, as normally strong trends are more convincing in the early stages.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2011-09-16 09:45:21 | MGM | buy | $10.749 | long |
2011-09-19 15:30:21 | MGM | buy | $10.890 | long |
2011-09-19 15:30:53 | MGM | buy | $10.910 | long |
2011-09-20 10:22:16 | MGM | sell | $11.470 | long |
2011-09-20 11:07:37 | MGM | sell | $11.450 | long |
2011-09-21 09:52:37 | MGM | sell | $11.280 | 0 |
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