Shared by
johnc_BOWS
Shares traded: 2000
Closed P&L: $-75.00
Stupid experimental play. Felt like gambling since I was up so much for the day.
Assumption:
BITA was extremely oversold and would continue dipping. Instead of shorting the bear flags and holding for a few minutes, I noticed that it suddenly spikes out of nowhere for a few seconds. I wanted to see if I could catch these momentary green spikes and scalp them.
Play:
Buy at LOD and set a Limit price to sell and scalp quickly before it drops again.
Outcome:
Didn't work. Selling pressure was too strong.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-08-16 15:46:03 | BITA | buy | $13.120 | long |
| 2013-08-16 15:53:46 | BITA | buy | $13.130 | long |
| 2013-08-16 15:53:46 | BITA | buy | $13.130 | long |
| 2013-08-16 15:55:31 | BITA | sell | $13.020 | long |
| 2013-08-16 15:55:31 | BITA | sell | $13.040 | long |
| 2013-08-16 15:55:31 | BITA | sell | $13.040 | 0 |
| 2013-08-16 15:57:25 | BITA | buy | $12.915 | long |
| 2013-08-16 15:57:25 | BITA | buy | $12.915 | long |
| 2013-08-16 15:57:25 | BITA | buy | $12.920 | long |
| 2013-08-16 15:57:25 | BITA | buy | $12.920 | long |
| 2013-08-16 15:57:25 | BITA | buy | $12.920 | long |
| 2013-08-16 15:58:32 | BITA | sell | $12.860 | long |
| 2013-08-16 15:58:32 | BITA | sell | $12.880 | 0 |
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Downtrend all day = stay away or short it mate