Shared by
jmoscate_BOWS
Play: Shorting at trendline/resistance
It was making lower highs and lower lows and couldn't break the trend line . Once it didn't go right away, i just got out. Turned out the trend line was perfect for the entry on the long side but I didn't see it until it happened.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-05 10:47:44 | MGM | sell | $23.280 | short |
| 2014-02-05 10:47:44 | MGM | sell | $23.280 | short |
| 2014-02-05 10:47:45 | MGM | sell | $23.280 | short |
| 2014-02-05 10:47:45 | MGM | sell | $23.280 | short |
| 2014-02-05 10:47:45 | MGM | sell | $23.281 | short |
| 2014-02-05 10:57:05 | MGM | buy | $23.300 | short |
| 2014-02-05 10:57:06 | MGM | buy | $23.300 | short |
| 2014-02-05 10:57:25 | MGM | buy | $23.350 | short |
| 2014-02-05 10:57:25 | MGM | buy | $23.350 | short |
| 2014-02-05 10:57:25 | MGM | buy | $23.350 | short |
| 2014-02-05 10:57:25 | MGM | buy | $23.350 | 0 |
Comments
Gena_BOWS
Interested to hear what the BOWS team say about this one on their review. I see where you entered, and it seems good - I can see why you did it. But I think overall because it was a bit crazy and not a smooth chart action all morning, that makes it more difficult. Also, looking at the daily, seems to have some price support around this level back in late December. maybe that had an impact? Sellers already came and went.
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Yup.Trend line break out.