Grrrrrr... it is just as easy to be shaken out of a position on the short side as it is the long side. I placed my stop loss at a new recent high (anything over $51 as that was the intraday peak for the entire month of August) when I shorted Shanda Interactive (SNDA) a week ago. That executed Friday at $51.20; we took the realized loss ... and the stock proceeded to reach as high as $52.
Consider myself shook...
Mechanically I would not of done anything different as I look at the chart (even the closing price was over the 50 day moving average AND a monthly high), but that still stinks. Sometimes you are on the shorter end of the probability stick.
So much for matching Goldman's 97% winning percentage this month! Oh well, time to go buy some stock in my trading department and then get my research department to upgrade said stock to a buy next week... of course both events being independent of each other and my success next week only being due to me being smarter than anyone else in the room.