Shared by
ckz8780
Bounce attempt. It got stuck in a box so I exited the position above my stop of $50.00.
300 shares
-$18.00 (-0.12%)
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-10-02 11:24:16 | YY | buy | $50.450 | long |
| 2013-10-02 12:25:30 | YY | sell | $50.390 | 0 |
Comments
ckz8780
Yooo greg! First of all I ALWAYS NEED HELP so feel free to deliver! lol
Second, yeah I do that sometimes but damn this one is just so annoying. Since it is YY it gets very spready and doesn't really provide good entries and exits unless you are going for a $1-2 gain on it. I think it would be really tricky on this one to even snag those levels you're talking about. In general I just don't care about making 0.15 on a $50 stock...if I'm buying a $50 stock it's cause I want $5 a share haha
gregr
Ya, the volume is a problem. But when they're spready, it's a good time to try to make that spread (assuming you're confident in the top/bottom levels). Bid near the bottom; if you get filled, offer back out near the top. Make the spread a couple of times, and suddenly you have a free trade with your core position.
You have to be quick, though, and it helps to have good L2 data to watch when you're doing this. Many platforms (TOS for example) don't do a good job displaying the L2 imho, so it's definitely harder there.
markmandy54_BOWS
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Hey Chris! You obviously don't need any help, but just a thought - when you're "stuck in a box" like this, you could consider buying the bottom and selling the top a few times to cover your risk on the trade. In this case, you probably could have picked up 0.15 (e.g. buy .32, sell .48) a few times between your entry and your exit. Not a ton of volume in that time window, so might have been a little tough, but at least food for thought!