Shared by
MichaelBLe
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Started a small short position on this bear flag on the daily chart. Overall software tech is soft lately. Not going to get too aggressive with this trade.. Small risk.
7:06AM
Took this trade off early. I'm noticing a lot of chop going on. Some names, such as SQ, had very bearish candles yesterday but no follow through to the downside. It's better to sit and wait on the sidelines for now. We are still in summertime trading.
7:09AM
I'm not that good at shorting. But something I notice with my 2 shorts that I took today. SHOP and Z...
Z has been in a bear market since the beginning of this year. Trading underneath the 200sma and the 20/50 MAs too. The general trend is down.
SHOP on the other hand, made a new ATH within this year. It's still showing bull support. I shouldn't have shorted this name despite the rising wedge. PAY ATTENTION TO THE BIGGER PICTURE
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2021-08-11 09:41:58 | SHOP | -10 | $1514.500 | -10 |
| 2021-08-11 10:05:32 | SHOP | 10 | $1526.000 | 0 |
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