NKE Trade on Sep 28, 2015 11:26 from Holden: Tradervue User Stock Trades.

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Holden

 

Day 2 play to the downside. the 22.5 was key S from prior session so a hold below support I can look for a nice short. Better entry was against 122.5 on the consolidation lower.

What I mean by building momentum is as I am working to push and challenge myself intraday when I am willing to risk a portion of my open P/L I still need to be putting myself in the best possible positions for me and looking for more trend moves or continuation trend moves as I am later in the session when names are more likely to trend cleanly. By keeping my focus in the right place as I look for these moves and not taking trades just to be involved, I can continue to build positive momentum in my trading that fuels the type and quality of my efforts through the day. Selecting high quality opportunities and making the most of those every time helps my confidence to feel good about making the most of the opportunity in front of me, it helps me work to play from a position of strength but this requires the discipline and patience to wait for really good set ups and the skill to execute the plays that develop out of those set ups with a high level of consistency.
What are the variables - (Checks) in my favor for this set up (continuation play)
Mid- Day In play From 11-2PM for names in play or with big picture in play to the downside
Name in play or Day 2 break s below key S level ON THE OPEN/very early in the session and consolidates below with a clean failure at R- Not a name that trended lower through the morning - that will need more time to give me continuation.
Above average volume in the name and hold below 5 min vwap
Helps with big picture in play as that may be supporting the action- or if other names rallied in the morning and this name was not able to do so- showing continued weakness.
My thought process-

In Play names or big picture inplay can often lead to a different pattern with price action breaking lower off the open and a long consolidation near the lows of the session. this consolidation can often be choppy and or needed following a decent sized gap down in the name (needs time to build momentum before getting additional selling pressure so takes time and can often be choppy through the morning giving no real edge. I want to be involved in the short play but do not want to be forcing a short in a name that has already extended lower so I allow it to consolidate into the middle of the session where I look for continuation.
What happened and how I responded -
NKE was a good look as it broke below the prior day key support level early in the session and choppily consolidated below that level so when it tested there and failed into the mid-day I was able to look for a nice continuation move lower with the sellers stepping in when it failed to clear that prior day key S level - Action was choppy so exited at DTA.
GOOGL- solid trend move lower supported by the big picture- did not capitalize well on the break below support that held well.


Execution detail:

Date/time Symbol Side Price Position
2015-09-28 11:26:24 NKE sell $121.780 short
2015-09-28 11:39:30 NKE sell $121.680 short
2015-09-28 12:50:42 NKE buy $120.960 0


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