Ok so I know better than to start shorting on the first gap up day. I forgot and jumped into FB way early around 106 then I scaled in slowly 109, 110, 112, 115. Finally to see the tanking action today. My avg is 108.21. I had a bigger position lower not thinking it would go up $11 from there. I am trusting the chart and price action to know it is overbought and a correction is necessary. I should have waited on entry; I know. I will be watching this stock in AH and premarket and would love to see stop limits execute down at open for a huge gap down. It would be a Christmas gift in Feb. So beautiful to see this fade happen and know it was coming. I just had a bad entry. Learning on every trade. Lesson is wait for the big reversal! Congrats to all who waited for the top at $117.59. the LOD was 113.63. Looking for gap down tomorrow.
@ironmiketyson86 it spiked up and is up 20% in 3 days and it's at new 52 week highs. once the volume slows there will be profit takers that aren't all long term holders and it will fade. today showed the first sign of selling.
@ironmiketyson86 now do you see why I went short on $FB
Yeah, you nailed it. I would've waited another few days for it to spike higher though taking in mind some lessons from tim's vids.earnings can spike days or stay up for weeks. Of course it's easier to say this in hindsight. I would just have been more cautious but that's just my personal style. All in all, great trading!
@ironmiketyson86 For sure in hindsight I began shorting $11 too early.
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