Tuesday, November 13, 2007

QID- Went short on Small Pullback

I was watching the QQQQ's and I was watching how it seemed to go up and up and I asked myself, "If I owned shares, would now be a good time to sell" I said yes, so I went short which in retrospect was the peak of the Q's I got in on QID at 40.53 and my initial stop was at 40.10 with a 0.25% equity risk. I cut down the risk big time on this one because of the fact that I was bottom fishing and I didn't want to risk my usual 1% on this.


Qid started turning around beautifully right after I got in. It was shooting  up a little and I unloaded 50% at 40.79 and raised my stop to break even. I was being very aggressive with this trade. I had a market order in at 40.53 and I left to go do something I came back and I see the shadow of a candle hit my stop and I got filled at 40.58


I was probably being a little too aggressive because I got stopped out and I think QID can keep going higher. Q's are making lower highs and are sitting on support which I think it'll break. But what's done is done. I'm happy with my performance.


qid trade chart 3

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