The $SPY started with some buying and all the proxy-stocks followed its lead.
When BABA showed some hesitation at the 139.50 level I opened a small position.
$BABA continued higher and rejected above 140. BABA formed a Decision-Candle but it was close to my entry and I did not want take a fakeout. Hence I sat tight and wanted to wait for a backside trade and retest of 140 before adding more size.
BABA never tested it again.
BABA sold and I took a partial at 139 after BABA just spiked into VWAP.
BABA turned out to be strong and made a quick move up. I remained calm and knew it would retest 140 before going higher. I placed a limit order at break-even for the rest!
So I thought. As I was busy with having my eyes on other trades, I accidentally just used a limit order for HALF my position...
At 140 when BABA showed some hesitation I added another partial. I had a good feeling the market would turn at some point and wasn't worried much and my position would be back to the original size plus a bit of profit. All good.
BABA continued higher and I added at 141, but we spiked out of here.
Then there were Big Orders at 142 and my Limit Order there to add another piece was never filled. Unfortunately in hindsight.
Being patient and waiting for the retest of 140 to take a first profit was really good :-)
Stopped out the rest as I saw some strength. Good trade.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2018-10-11 09:37:00 | BABA | sell | $139.500 | short |
2018-10-11 09:44:00 | BABA | buy | $138.950 | short |
2018-10-11 09:46:00 | BABA | buy | $139.510 | short |
2018-10-11 09:50:00 | BABA | sell | $140.070 | short |
2018-10-11 09:57:00 | BABA | sell | $141.020 | short |
2018-10-11 10:05:00 | BABA | buy | $139.990 | short |
2018-10-11 10:06:00 | BABA | buy | $140.320 | 0 |
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