My play of the day was found while I was looking for wide range bars during my 9:45 am scan of my 100 stock universe. This is where I found UAL which had a small gap up and sold off hard for the first 15 minute putting in a nice sold 10/10 bar. I entered short on the first sell that triggered at 10 am reversal time. The play started pretty well, but for some reason UAL was not done going up and I found myself being stopped out shortly on my play. Lucky, I had a very small share size and my loss was very small. By 10:30 am I found UAL triggering a short on the 15 minute chart and since I had a very short, short list, I decided to give UAL a second try. Again I entered the play with a very small lot, I wanted some confirmation of weakness in UAL before committing 100% on my short. The next bar engulfed my red bar that I entered my play on, but, I thought, if the next bar takes out the newly formed green bar, I'll go all out on the play and enter a full share size. That is exactly what happened as I entered a full share size @ .73 and price soon collapsed as the market headed south in a big hurry. Price soon found my 1st target where I covered 1/3rd of my shares, then UAL put in another GBI before selling off hard again hitting my 2nd "OMG" target @ .08. covering another 1/3rd. The market bounced at this point and I found myself covering all of my shorts in play only to watch UAL hit my final target @ .50 cents. Yes, I left some on the table but all in all a great short play today in UAL.
