Shared by:
ivanka_BOWS
FEYE - cyber security is becoming a very hot sector (sympathy plays are CYBR and PANW). However, since this stock along with others in the same group have been super overbought and extended to the upside, I had it on my short list. A couple of days ago, we had a nice $1.30 gain on the short side, and i wanted to repeat that. It just wasn't happening on Friday. Market was bullish, and stock stayed strong. I will probably keep it on my short list for the time being. Having said that, I will not try to short it if the market continues the bulish trend, because FEYE finished very strong with very small shadows on the daily chart, which is significant.
Main Setup - Rubber band Setup - short
Daily - FEYE finished green the previous day, with the hammer candle and a long lower shadow suggesting a short term uptrend.
Intraday - Unfortunately, as with other trades on Friday- I was mainly looking for the short setup and ignoring the green, bulish market. Completely misinterpreted FEYE intraday chart and went the opposite direction.
Click on my scheen shot:
S1-S4 are my short entry positions
Again, not proud of my trades today, but I need to put in in writing so I understand where I went wrong.
Execution detail:
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