Monday, 6 May 2013

$TSN - Tyson Foods

$TSN tried to break above the 24 area after dropping in the morning, it failed and really didn't have strength to move itself up above 24 after its morning pull back. The setup came on the 2 minute chart, the stop was nice but what I really wanted to see was $TSN go below 23.50 area, it JUST couldn't break that floor, it tried so many times but couldn't. If it broke below 23.50 then O M G big loot. I shorted 200 shares at 23.87 and because I pushed the wrong buttons I identically covered 105 shares at 23.70. I didn't get upset, nor did I increase my share size. Again for those of you who may not know, if I short a stock I am hoping it goes down, if it goes up I lose money. So now I had 95 shares left and I let it ride down to the lows in the 23.55 and took out portions of my position there. The 2 minute short play worked perfect, the play did not even develop on the 5 minute chart.

If I had not got rid of the 105 shares accidentally early I probably would have pulled out at least $100 bucks out of this play but in reality it made me about $36 and hey I ain't complaining, thats $36 in my pocket! 

Here are my trade tickets:

Notice I shorted 200 shares at 23.87, then there was my accident, I wanted to put in an order into my platform so that I would cover 100 shares at 23.55 area but I forgot to write in my price, at that time the price of the stock was at 23.70 and it filled my order right away! I was like HUH? Then I screwed up again and covered another 5 shares...meaning I went from a position of short 200 shares to short 95 shares. 















UPDATE: This is what the setup looked like! Beauty!

*Right click chart, open in new tab*

















Click on links below to read my previous trades:
Will $AMD pay for my wedding?
$AMD- Uh OH

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