Shared by
bjstrade9_BOWS
Found this too late in the day, ran out of time. Sort of chased it.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-11-07 14:59:23 | WFM | sell | $57.300 | short |
| 2013-11-07 15:06:53 | WFM | sell | $57.151 | short |
| 2013-11-07 15:50:48 | WFM | buy | $57.070 | 0 |
Comments
markmandy54_BOWS
bjstrade9_BOWS
Wow istryker that was very thorough guidance. I have been working on scsling into trades, maybe this is not the way to go on a short, maybe on a pullback. I seen the 58 support get wiped out on high volume and that was the ok to enter because next strong price support was 56. I should have scaled out at 57 and reloaded if I had time on the pullback. I was concered about the covers driving the price up so was fixed on that more than adding shares. Thanks again for the feedback, will not forget it.
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why didn't you cover some @ 57.00-.02 before it bounce? Stock was fairly extended below the 9ema. Chances are it'll bounce back to it, like it did.
why did you short more @ 57.15? I find this is one of my oldest mistake. It screws with your risk:reward ratio. See if you didn't re-add you probably would've cover @ 57.00-.05 but because your reshort, your avg was 57.225 which make you not want to cover before the 57.00 break.
How I would've traded it (if I chased it like you), Option 1: short @ 57.30, cover half 57.02, cover the rest @ 57.15 (@ 3:45). Option 2: short @ 57.30, cover half @ 57.02, reshort at 3:30ish when it was unable to pop and stay over 9ema (so 57.25), cover half @ 57.02, cover rest @ 57.15.
In the end, looks like you cover at the right spot. Stock that drop like this usually bounce the last 15 minutes of the day as the trader try to lock in profit by covering their shorts.