I did get a chance, albeit briefly, to sit in and practice-trade the market.
The move down between 12:15pm and 12:45 pm was well under way by the time I signed on and I decided to get in on the momo, going short even though the move was getting "stale." I picked a horrible price to go short, getting the bottom of the move, as it turns out. I held the stock though, and looked to exit if I went green on the trade. It didn't. So, instead of exiting, I held for a reversal area, and found it at $44.45 - $44.50. It was there that I really pounded this thing short... adding to my position heavily. This felt like a very high percentage shorting area, and time proved me right. The 1:10 doji after a tall green candle which ended at its top for the 5-min period was a trigger for me to play for the true reversal of the move. I went short then waited for a breakdown. It didn't materialize right away, but rather, I found myself in a consolidation zone for 20 mins or so. Then the drop began. I exited with a gain then shut the computer down and went to pick out some granite counters for the new construction. I only just looked at RIG for the first time since I closed the trade. Looks like I had a nice area to short... the move continued substantially after my exit. Once again, out too soon. I grabbed about 10 or 11 cents of the $1.22 available to me; a mere 9% of the potential.
Definitely won't have any time tomorrow... I am installing hardwood floors and then getting supplies for the weekend in the late afternoon if I'm not dead-tired by then!
See you on Monday. Hope everyone has a great day, educationally and monetarily.
