Shared by
BScripter_BOWS
Was thinking a rubber band short on this one. Thought it was going to break through the double tap on the low of day at $4.32 but that spot held and it shot up and I got stopped out. I reshorted it later...not really sure what set up I was going off of, I think it broke down the 9 EMA so I was anticipating the flush. I tried to cover some but my order didn't get filled.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-13 09:54:10 | OPTT | sell | $4.350 | short |
| 2014-02-13 10:02:07 | OPTT | buy | $4.620 | 0 |
| 2014-02-13 10:38:46 | OPTT | sell | $4.870 | short |
| 2014-02-13 11:21:21 | OPTT | buy | $4.870 | 0 |
Comments
Rashod81_BOWS
The area that you shorted was an established area of support. Going long would have been the better option and even if it went against you, you still had a clear level where you could have set a hard stop. I would have set a stop below the low of the day, but a penny or two lower than the nearest round number just in case.
PHILnomenal
BScripter_BOWS
I was just anticipating the break of that support since it was so extended on the daily...I just wasn't looking at this as a long at all. I only had 350 shares of it which was why my stop was so loose. I do remember why I took the second short though, when it couldn't break over $5 I thought that may be the time it would flush down.
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Stop was a bit loose. Imagine if you had 2000 shares because it's a 4 dollar stock, that's 600 bones gone bye bye in 5 min! I see where you were going, it gapped down and couldn't hold above VWAP and MA's, it's extended and outside BB's, overbought. My only suggestion is to buy closer to resistance (when ur below) and tighten your stop. :)