Learned a valuable lesson today with SSR and ETB shorts today. ANY had a 25-1 reverse split today which should've could've and would've been a great trade for me; I was somehow able to hit the bid in premarket at 3.50 which was the premarket high. At the open, a lot of longs hit the bid which instantaneously drove the price to a low of 2.44; I should have definitely taken half my shares off right away but I waited a few minutes to see what would happen. Slowly but surely it began to grind up so I put in a bid to take partials but nobody was hitting the bid anymore..bagholders got out already and since SSR was on, there wasn't anyone hitting my bid in order to short. The result? The prices were bid up as I watched my gains erode so I decided to get out completely before the squeeze above premarket highs. Next time will definitely take partials asap in this situation.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2017-07-12 08:44:30 | ANY | sell | $3.500 | short |
2017-07-12 09:53:30 | ANY | buy | $3.220 | 0 |
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