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.
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!
You can write your trade notes and comments using markdown syntax for links, images, etc. Some quick examples to get you started:
For other options, see Markdown syntax documentation.
Note that normal HTML tags are not supported in Tradervue.