Strategy Description: Recent fraud report out has had a pretty big impact on MNK. On the first day it came off from $60 to a low of $50.90 before it had a monster bounce. Then came down on the close to $51.00. Second day it didn't make a new low and had another monster rally before coming back down to it and having a big rally (but this time not as big- still big enough to call big though).
Then today it trended down to $51.00. After some consolidation around the level I started to look short as below the level after consolidation at the level would be a decent setup. And there's nothing wrong with that, however I missed the buy at support.
What I should have done, was long the weakness into the support level, sell first pop, rinse and repeat until it breaks down, then once a bit of risk is locked in, look to hold some of position for a reasonable move higher. Obviously wouldn't have expected such a big move, but that's okay.
No comments:
Post a Comment