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Dec 17, 2018 10:42


fakeout Support Break Scaling In Good Exit

The second time it happened today. JNJ dropped from 130.50 to below 130 within a second. Crazy move. I was chasing when going short on the offer at 130 TWICE. WTF?

Of course it bounced. Took a loss when the offer lifted on the half position as we were already too close to VWAP. Stuck with the rest. Really wanted to see JNJ sell off. Market finally rolled over.

Took a partial above 129 as this level turned out to find a lot of support. Again, too early.

At 131 I wanted to start adding back and build a position into 132.50 for a 132 average.

Obviously that didn't happen. 131 was a great entry. Took off half again at 130 and scaled out towards lows, really let it play out as my average was above 130.50.

Hesitated to add back at my entry. Mental blockage, but actually the best spot to do so as you don't add much more risk to your trade. Just take off that part on strength and the level is broken.

Execution detail:

Date/time Symbol Side Price Position
2018-12-17 10:42:00 JNJ sell $129.970 short
2018-12-17 10:42:00 JNJ sell $130.030 short
2018-12-17 10:43:00 JNJ buy $130.210 short
2018-12-17 10:51:00 JNJ buy $129.340 short
2018-12-17 11:24:00 JNJ sell $130.870 short
2018-12-17 11:31:00 JNJ buy $130.060 short
2018-12-17 11:47:00 JNJ buy $129.690 short
2018-12-17 12:27:00 JNJ buy $129.000 short
2018-12-17 12:44:00 JNJ buy $128.530 0

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