shorted 73.73
covered 74.10
why shorted:
-spy was making new lows for the day
- apol's got a weak daily chart just broken support at 75 to 74.5 ish
- apol's price was trapped under 5, 10, 20ma's
- 74 was an important resistance
why covered:
- this thing, which has been relatively weak in the last 3 days, while the overall market was popping, is now showing relative strength as spy is being sold off.
- 50ma is acting as support and is slopping upward.
- price surged past 74 and i was forced to cover.
- just noticed that apol has the tendency to make "v" shaped recoveries to the end of day and then sell off the next morning. I was too chicken to keep anything overnight and was forced to give up on the trade, especially that spy was now bouncing off its sell off.
- lost $30
lesson learnt:
- don't short if the stock is showing relative strengths
- don't short if the stock is being supported by a ma..especially the more powerful 50ma.
- don't make bets 30min before market closes.
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