40m float/12% short float/97% institutional
playbook: Oil stock secondary offering at 45.50. Big buyer on 45.50 premarket. Underwriter: Goldman/Citi
Stop: 45.50
R: -4
Supporting bid was 45.55$ the secondary offering price. It held up nicely so I started to frontrun it and build up size for the r/g. Bid disappeared and I wasn't quick enough to get out. Either hotkeys or fixed stop.
Wasn't a great trade regarding R, but I took profits on the upticks and managed my risk with sizing. Overall it was just a trade, that did not work out.
Execution detail:
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