Eh… this one was gonna be so sweet. I nailed the entry on a great drop (at least 2.25 R even with the way I jump out of trades too early all the time). But, I got a terrible fill on my entry, and I made a rash decision to jump back out. I should have just covered enough shares to restore my stop to a decent place. Mistake! Thus categorized as a mistake on my blog. I know better than this!
The stock was SiRF Technology Holdings Inc. (Nasdaq: SIRF). Chart (click to enlarge):
My fill had an average basis a full 10 cents below the last print when I entered the short order. I hate that uptick rule! You might think, “10 cents? That’s nothing.” On an $80 stock, I agree. On a $20 stock when my risk was only 20 cents in the first place, I thought it was a big deal. Had I used a limit order I wouldn’t have been filled at all…
So, I missed a nice gain, but I will at least give myself credit for not staying in the trade with a stop I didn’t want. Of course it’s always nicer to make 4 digits rather than 40 bucks….
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| SIRF |  |  |  |
October 12th, 2006 at 12:16 pm
was that 2.25R off of 20 cents or 30
October 12th, 2006 at 12:20 pm
20. it fell further than that, but if I had gotten the entry I wanted, I think I probably would have jumped ship at 2.25Rish.
October 13th, 2006 at 10:39 am
[...] Aborted SiRF Technology Holdings Inc. (Nasdaq: SIRF) Trade Wednesday [...]