Shared by
jj_BOWS
Had an unexpected hour to trade this morning & took advantage of it. I pulled this stock from my watch list and saw a spot to short 100 shares. It moved against me for a quick minute but my risk was limited to the 9ema so I didn't cover. It was also breaking down over the LOD so this added additional confirmation to my short position. I covered my shares at the first sign of bottoming on the 133 tick chart. A min later it continued to fail again so I re-shorted another 100 and covered my position again when it started showing signs of support. It failed that level & I re-shorted again for another small gain covering after missing the real bottom and waiting this time for confirmation of a reversal.
Q. for review - this stock had a wider spread than other's I've traded but also would fake me out on where the bottom was & that's why I kept re-shorting. Do you think I played this the right way by covering all my shares rather than scaling out?
Q. Is it worth scaling out on 100 shares with stock trading over $140?
Thanks!!
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-01-27 10:15:50 | JAZZ | sell | $145.730 | short |
| 2014-01-27 10:22:24 | JAZZ | buy | $144.215 | 0 |
| 2014-01-27 10:24:31 | JAZZ | sell | $143.185 | short |
| 2014-01-27 10:27:31 | JAZZ | buy | $142.310 | 0 |
| 2014-01-27 10:28:50 | JAZZ | sell | $141.760 | short |
| 2014-01-27 10:29:00 | JAZZ | sell | $141.750 | short |
| 2014-01-27 10:31:30 | JAZZ | buy | $140.730 | short |
| 2014-01-27 10:31:30 | JAZZ | buy | $140.840 | 0 |
| 2014-01-27 10:33:04 | JAZZ | sell | $140.599 | short |
| 2014-01-27 10:33:08 | JAZZ | sell | $140.600 | short |
| 2014-01-27 10:40:10 | JAZZ | buy | $140.125 | 0 |
Comments
Sayed
,That 1st cover, i wud have kept 1/2 but all in all this was not a bad execution.Learn to a bit greedy as u progress.
markmandy54_BOWS
jj_BOWS
Thanks guys! Great feedback & really appreciate the suggestions! Looking back it seems more obvious especially as you point things out. Thanks again!!
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Nothing wrong with taking some profit, but use the ema's for guidance. It never broke above resistances. All you had to do was let 9 and 20ema guide you down to the bottom.
When it tested the 20em and roll back over, that was another opportunity to short again.