Shared by
BScripter_BOWS
I saw that Twitter was dumping so I took this as a sympathy trade once it had a quick pullback. Bought it a little far away from support so I rode the stop down as it consolidated and the 9 EMA started pushing over the top. Popped up and I got stopped out.
Stop: $57.76
Target: 57.40
Reward to Risk: 3
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-12-26 10:09:35 | FB | sell | $57.680 | short |
| 2013-12-26 10:37:19 | FB | buy | $57.700 | 0 |
Comments
BScripter_BOWS
Yeah I was definitely hasty on this one...I just saw TWTR dumping and I got too excited! I should've at least waited until around 10:30 for it too consolidate a bit before the next move and at that point I would've seen TWTR starting to bounce and wouldn't have taken the trade.
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Wayyy too extended for that entry.. Six red candles in a row, that's the move you want to already be in and covering into, not initiating a position after the fact.. You have to see what others don't see, anticipate the moves.. those are the best trades; the most obvious ones like this where it seems like it should be a no brainer to tank more- those are the ones that bite you.. This stock no doubt is extended on the daily long, so it will eventually have an awesome short in it, but only with a high quality setup, (multitap breakdowns etc), but until proven otherwise you have to remain bullish with this one and I would have almost been looking for the bounce play after the morning selloff as a good play with the strong daily instead of trying to force a short. Good stuff though it's been tricky the past few weeks so no worries!!