Shared by
ramentrades
I was hoping it will break down further after a washout since it made a lower low. Unfortunately, it held support and starting to grind up, forming ABCD pattern. So I went ahead and cut my losses.
That was the right decision to do as it ends up grinding all the way to $15.60. The lesson here is to spot the double bottom at $14.80 area, no short position should be executed as this is not the typical bouncy ball price action.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2017-01-25 13:09:48 | CENX | sell | $14.920 | short |
| 2017-01-25 13:13:12 | CENX | sell | $14.980 | short |
| 2017-01-25 13:14:04 | CENX | sell | $14.990 | short |
| 2017-01-25 13:15:28 | CENX | sell | $14.981 | short |
| 2017-01-25 13:23:17 | CENX | sell | $15.090 | short |
| 2017-01-25 13:37:57 | CENX | buy | $15.050 | 0 |
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