Shared by
mirko_BOWS
The stock was way overextended and once it broke down 9EMA not being able to hold its high I was stalking it for a breakdown and entered the trade on the mini flag breakdown but I guess the 20EMA support was too strong?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-13 12:09:08 | GT | sell | $26.560 | short |
| 2014-02-13 12:09:08 | GT | sell | $26.560 | short |
| 2014-02-13 12:09:08 | GT | sell | $26.560 | short |
| 2014-02-13 12:09:08 | GT | sell | $26.560 | short |
| 2014-02-13 12:09:08 | GT | sell | $26.560 | short |
| 2014-02-13 12:37:14 | GT | buy | $26.640 | short |
| 2014-02-13 12:37:20 | GT | buy | $26.640 | 0 |
Comments
elnozdy
Yo mirko, I have found that shorting gap-up strong stocks like this is kinda risky unless it shows weakness at the open. That is one of my trading rules now, not to short strong gapup stocks unless you see a A+ setup and even then, I usually just scalp it as the dip gets bought pretty quick.
Just my 2 cents.
mirko_BOWS
@Nape:
I see what you mean my man, thanks for pointing that out! Do you take a look at a PR on gappers and try to interpret it?
@Gabriel:
I start to realize the same thing, appreciate the feedback. I will have to add that rule to my list of rules.
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I would not have tried to short this right there as there were price support on daily near by http://screencast.com/t/zloPQWljrp. On top of that the PR that came out was very positive for the stock.