{"id":4110,"date":"2010-03-15T17:28:38","date_gmt":"2010-03-15T22:28:38","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=4110"},"modified":"2010-03-15T17:28:38","modified_gmt":"2010-03-15T22:28:38","slug":"a-silly-trade","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/a-silly-trade","title":{"rendered":"A Silly Trade"},"content":{"rendered":"<p>I highlighted what I thought would be the relevant range for AIG today in our morning meeting (34-36).  My reasoning was that AIG needed an inside day prior to making its next large move.  I was interested in getting long close to the bottom of the range and short close to the top.  The market opened and AIG quickly popped above the 36 level.  The bids dropped out to 35.60 before the offers were sprayed above 36 a second time.  When the bid did not hold above 36 I got short.  Good trade.  I maintained the short position all the way to 34 and shorted into each up move and covered some stock each time it made a lower low.<\/p>\n<p>At 2:12pm AIG quickly popped from 33.50 to 34.  I shorted.  Normally, this would be considered a good trade.  Earlier, AIG had dropped below the 34 support level and failed to rally above it three times.  But this <em>is <\/em>AIG and there was a huge spike in volume.  I ended up paying the price.  I lost the money I had made from being short from 36 to 33.50 in about 90 seconds.  Then I lost some more in the wicked above below that occurred at the 36 level for the next half hour.<\/p>\n<p>Eventually AIG did as I expected erasing almost the entire move from 34 to 36.  But by that time the damage was already done and I was no longer trading having breached my daily loss limit.  In retrospect it was silly to even think about getting short AIG so far away from 36 in the middle of a very strong up move.<\/p>\n<p>BTW, If it fails again tomorrow between 36 and 36.50 I&#8217;ll get short \ud83d\ude42<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/aig-36-resistance-area.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/aig-36-resistance-area-300x186.png\" alt=\"\" title=\"aig 36 resistance area\" width=\"300\" height=\"186\" class=\"alignnone size-medium wp-image-4121\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/aig-36-resistance-area-300x186.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/aig-36-resistance-area.png 580w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I highlighted what I thought would be the relevant range for AIG today in our morning meeting (34-36). My reasoning was that AIG needed an inside day prior to making its next large move. I was interested in getting long close to the bottom of the range and short close to the top. The market opened and AIG quickly popped &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/a-silly-trade\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[507,537,55],"class_list":["post-4110","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-a","tag-silly","tag-trade","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Silly Trade | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/a-silly-trade\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Silly Trade | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I highlighted what I thought would be the relevant range for AIG today in our morning meeting (34-36). My reasoning was that AIG needed an inside day prior to making its next large move. I was interested in getting long close to the bottom of the range and short close to the top. The market opened and AIG quickly popped ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/a-silly-trade\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2010-03-15T22:28:38+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/aig-36-resistance-area-300x186.png\" \/>\n<meta name=\"author\" content=\"sspencer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sspencer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script 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