Shared by
Blake_BOWS
truthfully, I don't want to talk about this one lol.
I shorted 3 times in a row on the break of that flat bottom each time. As I said earlier, I was very bearish on yelp in general, so I was just waiting on a spot, and I got burned every time. Please make comments on this one. I would like some opinions. I had 4 losses on this one stock today (one was the user error earlier in the day where I meant to short instead of buy). I really thought that by the third time I shorted it, it's definitely going to break. It just never really did.
If not for this one stock alone, I would have really been happy about my day! any advice is welcome for a situation like this!
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-03-21 13:45:33 | YELP | sell | $83.682 | short |
| 2014-03-21 13:45:40 | YELP | sell | $83.740 | short |
| 2014-03-21 13:54:24 | YELP | buy | $84.120 | short |
| 2014-03-21 13:54:24 | YELP | buy | $84.120 | 0 |
| 2014-03-21 14:02:44 | YELP | sell | $83.695 | short |
| 2014-03-21 14:02:44 | YELP | sell | $83.740 | short |
| 2014-03-21 14:06:15 | YELP | buy | $84.230 | short |
| 2014-03-21 14:06:17 | YELP | buy | $84.230 | 0 |
| 2014-03-21 14:29:37 | YELP | sell | $83.560 | short |
| 2014-03-21 14:29:37 | YELP | sell | $83.530 | short |
| 2014-03-21 14:38:14 | YELP | buy | $84.000 | 0 |
Comments
Blake_BOWS
Thank you for all the comments! That's good advice! Two questions:
Since it had a dead cat bounce, do you typically see that gaining some "coil" so it can break down further? That was sort of what I was thinking at the time.
Also, you said the it failing to get back to HOD, how much confirmation would you have waited before shorting it there? I mean, which candle do you think would have been a good place to short it, assuming that you're playing it live and can't see the future candles?
Nape_BOWS
Sometimes it do base a bit and coil to the downside creating a bear flag.
You could hit the second candle that creates a lower low or see if it bear flags and starts to coil to the downside.
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Well you have to consider where the stock came from.
$87 down to $83 was one flush you miss out on.
Then it had a dead cat bounce failing to get back to HOD. That was another opportunity to short it.
You tried to catch a third play off of it, which by then all the easy money that you could have made off the other two setups were over. First and second opportunities are always the best plays to catch. Anything after that will be hard to get BIG gains.