Shared by
shefmcoy
All that i had written down for this stock before the opening bell was "Do not chase, look to short extension or go long on a pull-back. I saw the fallen angel pattern but did not trust myself and passed on a long entry under vwap.
When I was the stock trading at the highs on a cup and handle type formation, My initial reaction was to go long, but that would have gone against my original plan, I decided to wait for an entry and watch the Time&Sales... I immediately saw a the offer on the lvl 2 chase the bid down from 171.20s to 170.80 with extreme pace. I then waited until i saw the bid chased down again for confirmation after pull-back and entered.
I did a decent job covering at the lows considering i was staring at the screen with a slack jaw in amazement as the price sold off below vwap in my favor. Unfortunately i resorted to my old ways of adding to a position before i have allowed time for larger pullback. But it was good that i stopped out when i did.
I hope to make more trades like this in the future, I need to remained unbaised at all times, dont get overexcited, wait for the good risk reward setups to appear and fight for price
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2019-03-28 10:12:19 | LULU | sell | $170.860 | short |
| 2019-03-28 10:17:15 | LULU | buy | $168.810 | short |
| 2019-03-28 10:29:08 | LULU | sell | $169.020 | short |
| 2019-03-28 10:30:09 | LULU | buy | $169.690 | 0 |
Comments
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LOL. "considering i was staring at the screen with a slack jaw in amazement as the price sold off below vwap in my favor"
There was a lot of opportunity in this one. I wad both long and short at different times. You and I both went short at almost the same time initially at the 171.00 mark. There was a HUGE held offer here that wouldn't budge. Nice job!