So yesteray (on my birthday, no less) I made my first short sale. I did it at work, on my lunch, so I only had a little bit of time to watch the market. Remember, I'm still an intraday noob.
I was drawing in trend lines (channels?). It looked like it was trending down the last channel I have on there, so at $19.15 I decided to short and cover at $19.10.
13:58:33 â Sell short @ $19.15
As soon as I shorted it started to go back up (you can see the green candles). I was like "yeah, with my luck, my first short would immediate go against me."
But I waited it out and it started to drop. It wavered between 19.13 and 19.15 for a while, and then between 19.13 and $19.11. At $19.10 I sold, and seriously 2 seconds later it was at $19.07. Oh well.
14:22:20 â Buy to cover @ $19.10
My lunch was over, but it continued to drop. And then today it was in the $18s. Too bad I couldn't trade today.
This whole trade was based on how I thought the price would act in the channel I drew. I ignored all the indicators at the bottom while I was deciding to make the trade.
So that's my incredibly long (and boring) post about my first short ever.
Not sure why the pic is so small. I think photobucket may have shrunk it.
http://img.photobucket.com/albums/v326/ironfistx/shortchart.jpg
I was drawing in trend lines (channels?). It looked like it was trending down the last channel I have on there, so at $19.15 I decided to short and cover at $19.10.
13:58:33 â Sell short @ $19.15
As soon as I shorted it started to go back up (you can see the green candles). I was like "yeah, with my luck, my first short would immediate go against me."
But I waited it out and it started to drop. It wavered between 19.13 and 19.15 for a while, and then between 19.13 and $19.11. At $19.10 I sold, and seriously 2 seconds later it was at $19.07. Oh well.
14:22:20 â Buy to cover @ $19.10
My lunch was over, but it continued to drop. And then today it was in the $18s. Too bad I couldn't trade today.
This whole trade was based on how I thought the price would act in the channel I drew. I ignored all the indicators at the bottom while I was deciding to make the trade.
So that's my incredibly long (and boring) post about my first short ever.
Not sure why the pic is so small. I think photobucket may have shrunk it.
http://img.photobucket.com/albums/v326/ironfistx/shortchart.jpg