Like the backtest and the fact the reversion play setup. Was looking for +1 but when started to firm, took off for tiny gain.
LESSON: Look on 30 min for support area to take 1/2 off. ON REVERSION TRADES GOTTA TAKE PROFITS QUICKLY ON P/B TO MA'S.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2013-11-27 09:55:11 | FSLR | sell | $60.800 | short |
2013-11-27 10:23:23 | FSLR | buy | $60.550 | 0 |
Daniel, I actually like Mark's play here. I've seen Kunal make this play quite a few times on market recaps (though not as often lately). FSLR was very extended and it ran right into resistance on the 30-min chart, which is where Mark shorted it.
Mark, I'm glad you caught that-- 60 cent drop is pretty substantial so it's good to take some off the table there. My intuition tells me you were looking at your P/L instead of the stock's price action. If possible, remove your P/L from the platform's display.
I actually removed my P&L completely about a month ago. I've really been working on (trying to) not care at all about the monetary standpoint and trying to trade the patterns. I've written rules to get away from reversion trading but when a real clear setup comes, i can't pass. This was one of those...i just jacked it up not taking some off at retest of MA's.
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Quick short, personally i would had waited for a set up. You never know it can continue going higher.