I shorted 500 shares of MEND @ $19.50 this afternoon. My initial plan was to get short below the low of the previous day. However, after seeing MEND spiking upto the $20.00 resistance level and reversing I decided to adjust my trading plan and get short this afternoon.
I looking for a pullback to support around the $18.25 level so this trade offers just over 3R's with at stop loss at $20.00 and potentially even more if MEND cracks support mean while the overall markets sell off on heavy volume. Most of my buying power is tied up in this trade so I will be doing no trades tommorrow.
Good luck and good trading!