Shared by
E-Money
5/1/18
MRK
Had a plan to short at $59 resistance, which can be seen on weekly, target was $57.
On the open, I shorted 100 shares at $59.01, stop at $59.27. When it broke $59, I added 200 at $58.92, and another 100 at $58.96. Risk was $128.
Did not cover, and stuck with the plan.
I thought I saw divergence on the RSI when it was around $58.00; initially I had an order to cover half at $57.60. I thought it was too steep, and I ended up closing out of the whole position at $57.87.
Could have held longer, could draw a trend line next time to help guide.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2018-05-01 09:30:30 | MRK | sell | $59.010 | short |
| 2018-05-01 09:35:05 | MRK | sell | $58.920 | short |
| 2018-05-01 09:35:06 | MRK | sell | $58.960 | short |
| 2018-05-01 10:54:55 | MRK | buy | $57.870 | short |
| 2018-05-01 10:55:28 | MRK | buy | $57.900 | 0 |
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