This was on my radar for a Rubber band snap-back.
Entry:
I tried getting in at the break of support at $40.
But the spreads were so big on this that my limit order for $40 didn't get hit in spite of it hitting the $40 mark.
Afraid of missing out, I cancelled my limit order and put in a market order, just as it ran down to 39, and I ended up getting a pretty bad fill.
Fortunately the stock consolidated around $39, and broke down again.
Exit:
Took out profits as it dropped a dollar, and lowered my stop, to find it getting hit instantly.
My thoughts:
I guess, I'm afraid of missing out.. knowing that I only so much time available to trade.. something I'll be better aware of.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-01-16 09:39:05 | AGIO | sell | $39.040 | short |
2014-01-16 10:20:10 | AGIO | buy | $37.970 | short |
2014-01-16 10:26:07 | AGIO | buy | $38.330 | short |
2014-01-16 10:27:17 | AGIO | buy | $38.310 | 0 |
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Nice setup