9/24/2020 Went long on FANG at 29.95 right near the close. Plan to hold for 1-2 weeks or less.

Hi everyone. The markets have been holding up surprisingly well this week despite many people expecting it to sell off (me included). 

I took a fairly large long position in FANG today. I got filled on only 80% of my order since it was placed minutes before the close. As a result, I’m putting roughly 0.8% of my account at risk instead of the intended 1%. There is some overnight and weekend gap risk, so not getting filled on the entire order is fine. 

Daily chart of FANG below. The RSI has made a higher low while the price has retested the previous low. I expect the price to close higher tomorrow, and if it doesn’t, I will likely exit the position. My stop loss is at 29, and profit exit is at 33. 

FANG daily 9_24_2020

 

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