An attempted M/r dip buy. The only thing I like about these types of trades is that you know very quickly whether you win or lose. This one I lost.
I saw this come down $4 or so and appear to try to put in a bottom and bounced a bit until it didn't I was smart enough to know that this trade had significant risk so I bought it small with a tight stop. If it worked I could have caught a several $ reversal against a small loss. This one didn't and I I took a small loss -.70 which was a .25% of my equity.
It will be interesting to see if the Weekly b/o point acts as support.
I nibbled in yesterday and there was more selling today which let me add to the position.
Added more at 14.01 today. That 4 week avg. has held the close very well and is slowly rising. I'm looking for support to form in this range.
2 days of gap hold and now it pushes higher. Technically not a "fishhook" as I've defined it but the idea is the same.
THE VLRS FOR VSLR SWAP!
I had Mexican Airline, VLRS Which rallied back to the breakout point after an initial rejection. What bothered me is that it wasn't able to push higher even with an upgrade and a $22 price target today. I see that as weakness.
This was a basically a break-even trade for me.
So I'll flip to something that is showing a bit more power.