(PERSONAL USE DIARY) 1-23-17 trade day SHORT MRNS 610 shares @ 1.72 (10:07am) COVER MRSN 610@ 1.628 (10:35 am) 35$ gain lol So today MRNS was one of few stocks that spiked in the morning, i first noticed the daily chart was disgusting and filled with bag holders and the news that made this run wasn't too significant as it was a successful early phase 2 trial. The float of this stock was 19.5M at time. had a feeling this stock would make for a good short, so i waited for the stock to pullback and fail to make a new high, also the volume had begun fading already, so i pulled the trigger and made a tiny profit. thank god i took profits at 1.62 because one minute later the stock spiked right back up past my entry position of $1.72(i intended to short at 1.77 but was a little scared), probably would've turned out to be a loss as i probably wouldve cut losses quickly. what made me decide to take profits was because i saw it made a higher low and there was a 70k plus bidder not getting taken, but this was most likely a short covering as minutes ago there was a huge 100k ask that got filled, so i guessed this would squeeze the shorts and it did.its good to know i was in the right mindset as the stock finished at 1.40. have to do a better job executing my positions though, it seemed to be a better short entry when it made that weak bounce back to 1.76, anyways glad to make a profit and continue to learn and glad i had the right idea that the stock would ultimately lose its gains as i felt the odds were in favor of shorting.
Join now or log in to leave a comment