SPOT Trade on Apr 3, 2018 12:55 from E-Money: Tradervue User Stock Trades.

4/3/18
SPOT:

Second IPO traded. Used very small size initially around 12:55, shorted 10 shares at $161.96, seeing that it broke $161 quite easily and joined trend. Stop loss was placed above the pivot. Around 1:01, closed 10 shares at $160.07 for a small profit- wanted to wait for how it would react at the $160 support.

As SPOT broke down, I wanted to join trend but did not find a good risk-reward opportunity (did not give in to FOMO but ended up missing out on good money). Wanted to catch a reversal eventually, or to play the range if it formed; I believed that it sold off too much, too quickly without any sort of major pullback, and $150 support level would be a sensible level to try to get long. I used RSI and volume to both try to time the first reversal, but it was a lack of patience on my part waiting for a consolidation to form:

2:47- Went long 100 shares at $150.77, gave it a tight stop at $150.08, since if it was the reversal than it should continue trending higher- SPY was ripping up as well. Stopped out at 2:56.

3:09- Tried to go long 100 shares at $150.11, trying to play the range with RSI and volume. Stop loss was placed at $149.88.
-This IPO had a wide spread, but felt very heavy.
-Slippage risk.
*RSI should only be used to confirm trends.

Catching a falling knife feels unnecessarily risky, and would not try to fight trend next time especially if there are no resistance/support levels previously. and rather would join at the top of the range as it would be in my favor to do so).

3:17- Stopped out at $149.27, slipped 60 cents.