Shared by
MarcoG
SKX is well known to be a whip saw stock and it confirmed. I didn't have to trade it at first but what was a rumor around it has now finally confirmed a nd tested by me thus next time I'll think twice to trade it :D
At the 5th tap at resistance on the 10min chart I have decided to give it a try. It started to work making nice flat tops but the price fell and as soon as it crossed the first level of support I have tried to close as fast as I could. I had to enter btw a bit before at 32.55 but I have got some hesitation. anyway the trade wouldn't have worked out. Finishing the week green even if almost break even, I am looking forward for next week to apply all what I have learned by this trading week. It's incredible how the learning process as a constant income of notions can sometimes surprise giving atypically and unconventionally ways to get to learn.
I wanted to enter again shorting the fade on the VWAP as well as I wanted to short on other 2 stocks EXPE$ and $UBNT and that would have worked perfectly but due to the fact that I have reached my "maximum" loss I have decided to close the day like it was getting an acceptable loss!
18/04/2019
My entry was too soon, I had to wait for the accumulation to be distributed. Long above 33 and short below 32.50
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2019-02-08 10:10:30 | SKX | buy | $32.735 | long |
| 2019-02-08 10:19:56 | SKX | sell | $32.510 | 0 |
Comments
MarcoG
Yes indeed and I also wanted to short it after when failed under the VWAP but I was skeptical about the stock and I didn't follow it. I have got 0.12 cent on my orders :P
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Yeah SKX can be tough because of the spread, but what I found when trading this was that if you are watching the stock/reading the tape, and the spread starts to shrink, it's about to choose directions again. You can get a hint before it happens if the ask lifts first or the bid drops first, then the other side tries to chase after it. You have to be fast to catch a decent entry but you can usually do it with a .05 cent sweep on your order.