EDC had been languishing around 6.80 ever since the tender offer of 7.25 for huge block of its shares was announced.
Bought half position on 9/26 around 3:14 at 4.92 and 4.80 where it traded last.
Bought next half position at the open 9/27 when it opened higher.
I was concerned going into this trade because I couldn’t comprehend why it dropped so far so fast. Nevertheless I got tempted and went in.
Sold half 9/28 at 5.30 when I felt it was weak on the 5min chart.
Later bought it back and then some at 5.50 when it made a new 5min high.
Sold half 9/29 at 5.62 when it closed at the lows after testing high.
Remaining positions will be closed at 5.50 and 5.46 or 6.92.
Started buying 700u at 1.1886. Another at 1.1848. Impulse trade. On hindsight was too early.
The next 2000u were placed well. 1.1759 and 1.1748. Those were closed at 1.1775 when I felt it was no longer going to hit my MA target.
A few hours later, it did.
Entered another 2000u at 1.1794 with raised breakeven stop.
On the daily, this feels like a corrective bounce on the downtrend so setting tighter stops.