This one was also fun. SUPER low float stock of 3.4Mil and the daily looked like it was topping... so there was no gap up but we were playing the daily set up.
The previous Daily candle had a super high wick with a small body and it topped out at $29.20. Kind close enough to the $30.00 psych level for me to consider it a short term top.
So the plan was to short at $27 be there was daily resistance at that level and it's a round number. Straight up I kinda got overwhlemed and panicked at the open bc of AOI and we were getting alerted about INPX in the Maffia chat so I sold short right away, then added to the position at $26.90 - Which was close enough to $27 for me to add. I knew it would go against me for a bit and so I was patient with it.
After a short drawdown this thing tanked hard and then I added some more after a short lived bounce off of $25.50.
The thing with this trade was that it wasn't my typical 200ema target trade. So I tried closing out around $24.50 but got out at $24.70. I just picked this number bc it was a break of the $25 and we could have been setting up for a $25 over/under. Plus I was up for the day nicely and I felt like there was too much going on. But also I didn't think it would make it all the way down to the 78.6% Fib at 23.62. It just seemed too far... Well after I closed, it did and fast... and then ripped another $1 past that.
Lesson learned, this thing is straight savage. #HODL, Possibly scale and then HODL
Overall had an average price of $26.40 and out at $24.70
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2018-02-09 09:30:10 | CBIO | sell | $26.010 | short |
2018-02-09 09:31:46 | CBIO | sell | $26.500 | short |
2018-02-09 09:33:12 | CBIO | sell | $26.900 | short |
2018-02-09 09:34:27 | CBIO | sell | $27.000 | short |
2018-02-09 09:43:24 | CBIO | sell | $25.610 | short |
2018-02-09 09:46:13 | CBIO | buy | $24.700 | 0 |
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