This had a strong move yesterday, it closed barely above the 50% FIB.
At open, it started with the mini gap down, but said nope...and pushed up.
I thought that was a strong sign, we had held our open, pushed up, had resistance at 54.00 whole number, were above VWAP then boom....we busted through 54 so I thought we were going to blow past the FIB (I have a FIB line at 54.24) so that was a predictive play on my part as opposed to reactive. I got in at resistance...got a bad fill that put me at 54 even instead of 53.86ish I was trying to get.
Then the FIB slammed us. We started heading back down towards opening price pretty fast so I bailed. Had we had a slight draw back and tried to push up on the FIB again I would have waited because my stop was further down than where I actually exited, but you can see the candle I got out on was almost 10 straight minutes of pushing down faster than it took to get up there.
SPY was choppy at this time to and dropping.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2017-08-23 09:43:40 | LITE | buy | $54.000 | long |
2017-08-23 10:03:25 | LITE | sell | $53.700 | 0 |
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