Entry: 33.50
Stop: 33.62 (.12c)
Had this stock on watch for a continuation play or a short if it presented weakness intraday. I was inclined to think that it would be more likely a short, as it had made a run of 170.77% the previous day.
As it cracked the level it was tapping (33.50) I got in.
Scaled out half position at 33.10 for .40c.
Lowered stop to sell price. As it flushed further, I changed my stop once again to 33.20 to lock in gains instead of leaving it at buy price for break-even.
It began to squeeze and I bailed. Sold remaining position @ $33.06.
I should have left it alone as price did not squeeze to my stop at 33.20. Had I done so I would have participated in a bigger move, gaining $1.50 per/share for my last 50 shares.
P&L:$+42.90
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-02-26 14:06:19 | ITMN | sell | $33.500 | short |
2014-02-26 14:06:21 | ITMN | sell | $33.510 | short |
2014-02-26 14:10:44 | ITMN | buy | $33.100 | short |
2014-02-26 15:02:19 | ITMN | buy | $33.060 | 0 |
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Nice entry. Last few shares keep stop at buy price.