Shared by
jmos_BOWS
Play: PB to price resistance
It broke 54 which was a key level. Support which now became resistance and it couldn't get above it. Got in with stop just above 54. Got stopped out.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-03-25 11:34:58 | ZU | sell | $53.810 | short |
| 2014-03-25 11:35:00 | ZU | sell | $53.710 | short |
| 2014-03-25 11:35:00 | ZU | sell | $53.700 | short |
| 2014-03-25 11:35:01 | ZU | sell | $53.700 | short |
| 2014-03-25 11:45:17 | ZU | buy | $54.070 | short |
| 2014-03-25 11:45:17 | ZU | buy | $54.070 | 0 |
Comments
Nape_BOWS
iStryker_BOWS
I get your reasoning, I do this all the time, however this is not a stock I would do it on. You'll get use to stocks that will throw wicks up/down that will stop you out. One hint is stocks with large spreads.
To me your entry was too low, you want it closer to 54.00. So if I did the same strategy as you I would've hit it b/w 53.90-53.97.
jmos_BOWS
Thanks for the help!
@istryker, so you would do it on one where the spread is much tighter correct?
ya i would do it one with a tighter spread. Kunal did this on $KNDI a few days ago @ 17.00 and just killed it. Think it was one of his biggest gainer of the day.
My opinion might change in a month or so, but I find high spread stocks will have a spread like 53.80-54.04. If you have a hard stop just above 54.00, all it takes is one retail person to by 1 share on the ask and your stopped out. Plus its your entry, you can't let it slip, as your already down alot. If you got filled 53.95, you can let it see 54.15 on the ask if you think it won't go higher and not be too worried.
Leave a comment about this trade!
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!
.30c kinda tight stop for this stock.