Shared by
MichaelBLe
Tags:
Morning
Short
Patiently waited for an opportunity to present itself in the market this morning. Nothing that I liked going long. Shorted this stock as it nearly doubled. Showed some signs of topping up in the 10.50s. Missed multiple opportunities to get it short so decided to short it on the break of $10 support. Moved my stop just above my break even point. Accidentally left 50 shares uncovered. Covered those ASAP. Should have taken half profits in the 9.50s. First green short I've actually had. Very good learning experience.
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2017-03-06 10:27:44 | TGTX | -242 | $9.950 | -242 |
| 2017-03-06 10:27:44 | TGTX | -108 | $9.950 | -350 |
| 2017-03-06 10:48:03 | TGTX | 24 | $10.000 | -326 |
| 2017-03-06 10:48:03 | TGTX | 276 | $10.000 | -50 |
| 2017-03-06 10:54:20 | TGTX | 50 | $10.250 | 0 |
Comments
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Hey Michael considering adding VWAP to your charts if you already don't have it. You'll see that around $10.50 - 10.55 is where the stock "hit" the VWAP (bounced into it). This is the area you want to start shorting into with a mental stop above VWAP. For example, if the stock breaks over it, retests, holds above it and continues to go up then cut your loss. There was also price resistance in $10.60s so keep that in mind that it will act as a magnet and may go there, which it did for a hot second.
Just a tip: If a stock is over VWAP -> look to long dips
If a stock is under VWAP -> look to short pops / bounces
This is very basic but it's great for beginners and increases probability of your set-up actually working.
Hope this helps.
P.S. I'd also recommend removing EMA's off your charts, it helped me a lot. Keep it simple. They are based off of price anyway and don't account for volume.