03.05.20 $VIPS: Got Me Again!
I couldn't find anything to trade today. There were a could shorts I liked but they started during lunch and I don't like taking trades during lunch because the likelihood of follow through is low, like yesterday with $UBER. Near the end of the afternoon session I saw $VIPS start to breakdown, at least that's what I thought I saw. It gapped up this morning and made a nice opening drive but then faded back down near the low of day, then just moved sideways all day. In the middle of lunch it started driving higher in little choppy moves. At $16.50 it finally gave me a signal and put in a nice red candle on increased volume. That's where I started my short, at $16.34 with my stop just over the high of day at $15.52, thinking we're in the backside of the move. My first take profit was schedule to come off at $16.14. It got close a couple times but i was holding through the mud for most of this trade waiting for it to roll over. I finally got my first piece off the table as planed and closed 25$ of my position. Instead of continuing to roll over as I was expecting, it returned to the high of day again and out of nowhere, massive orders came through and blew out my stop past $15.52, all the way up at $15.64, 12 cents past where I'd planned to stop. Rather than taking a small loss by selling 25% of my position, I ended the day with a full size loss anyhow. The biggest 3-minute move all stinkin day and it was against me.. Pretty frustrating, especially after yesterday.