Trade: This was a reversal play for $10.20 short. I took 1/2 size, and I was supposed to add to the trade. Looking for the 10.00 breakdown; shorting reversals into weakness.
TP: I shorted the stock into weakness, so the trade worked right away. I was happy with the trade after I closed it and moved onto another ticker. So, I had no idea that there was a larger breakdown in the stock. I knew I needed bigger size, so I decided to have some here and then add. But I never got the chance to add because I removed the stock from my charts after closing the trade.
Improvement: C'mon man you should've been eyeing the $10.00 breakdown. COLL tried to breakout right off the open, but then it got weaker and heavily reversed. You should stay patient with the trade and add. Let's say the $10 breakdown did not occur right away. Keep looking at the level 2 and see whether the stock is weak or getting stronger in that area. Be patient. It works better then you are patient, and you know that.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2017-06-07 12:29:00 | COLL | sell | $10.140 | short |
2017-06-07 12:35:00 | COLL | buy | $10.037 | 0 |
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