If you see my previous notes, this is the 2nd in a back to back play here on LITE. That first play was a long, this one I went short.
We got slammed down at the FIB on the previous play and were pushing down against the open now, so I went short....
right away you can see THAT went against me,BUT this made a lower high (2 candles after my short entry here you can see that green candle made a lower high) and came back to my entry point again so I was feeling okay, but it pushed up again with strength the next time.
That is when I realized we were stuck in a channel b/t the open and the 50% FIB so I completely walked away from LITE after this. I knew it would pick a direction eventually but all my trades have to be done by 11:30a EST (8:30a my time), and I try not to allow myself to enter trades after 11:00a EST. If I enter one at 11a, that gives me 30 minutes to let my last play of the day do something before I close it out, I can not manage my positions from work so all trades must be closed win, lose or draw no questions.
You can see here I exited this for the 2nd and last time at 10:50a EST....10 minutes before my cutoff time so I was done with LITE for the day.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2017-08-23 10:09:40 | LITE | sell | $53.350 | short |
2017-08-23 10:48:20 | LITE | buy | $54.050 | 0 |
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