Shared by
im2p
My biggest error on this trade and that I didn't align this trade with the market. It had relative weakness with the market. When the market was going up, it was going down. At the time of the trade the market was going down, bounced a little and then went back down...
The best entry was at 25.10 because that's where it went negative on the day. But have previously bounced off of support at 25.00. I figured with the second tap of 25.00 it would go. I did but not by much. I then knew if it broke 24.90 it would go more. I should have taken profit when it had a hard time breaking .90. I stayed in thinking it would retest and fail. I tried again at 25.00 thinking it would be the third tap and go.. But no go.
Lesson:Time with the market, better entry.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-11-27 11:45:04 | CLF | sell | $24.970 | short |
| 2013-11-27 12:17:08 | CLF | buy | $25.110 | 0 |
| 2013-11-27 13:00:15 | CLF | sell | $24.990 | short |
| 2013-11-27 13:08:06 | CLF | buy | $25.060 | 0 |
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