Shared by
igetmoney_03
Trade: Shorted the stock into weakness looking for the $5 breakdown. This was a reversal play.
TP: I shorted the stock into a pop when the stock was weak, and it was a good reversal play which have been working for me this week. Again, I covered too quickly, but I was also upset that I did not get the size I wanted. I wanted to short 800 shares, but I was just not getting the fills I needed. I need to understand that I won't always get the fills I want.
Improvement: I knew the stock was weak, and I should not have covered. I should have added for the move to 5.15 or higher. I could have had the stop set much higher than it currently is. Overall, mediocre trade need to work on reading L2 better than I currently do.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2017-06-09 10:03:00 | RLGT | sell | $5.140 | short |
| 2017-06-09 10:57:00 | RLGT | buy | $5.000 | 0 |
Comments
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Your timing is off. If you look at the larger time frame monthly candlestick you'll see price movement is at an extreme. While you were trying to go short there were buyers coming into this market to go long also sellers were buying to cover their short positions. These two factors cause price to slow down to decrease the amount of profits you could make. This is evident more in the hourly time frame. You made $.14 profit but you entered in this market near the end of the move. The better entry would have been around $5.9 when the market traded below the grave stone doji on the hourly time frame. Take a look at where current price is on different time frames before entering any market. This will increase the probability of success of your trades. I hope this helps