Covered: 4.90, 4.75, 4.68, 4.63
Reasons for shorting and covering:
- big selling early morning in financials; profit taking after monster run in last few days
- fas broke down wedge at 4.90 at 11:45am, waited for bounce to enter my first short position at 4.82
- doubled short position at 4.80, after the stock failed to bounce to my offer price of 4.85.
- fas surged back to 4.90 to prior resistance after entering my position. Still had conviction that it would crash since the bounce was on low volume.
- I was forced to cut my position to half at 4.90 to lessen losses, as fas exhibited further strength at the 4.90 level.
- got back in and doubled my position as soon as I felt my prior analysis was wrong. doubled short position at 4.89
- Stock started crashing and I covered along the way on selling strength. Got out the last position after FAS found support at approximate 20dma around 4.66...I covered at 4.63.
Update:
- started bouncing after reaching its low of 4.59
- good trade, had to cover fast since the overall short term trend is still up.
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