AMD Trade on Apr 1, 2019 09:38 from shefmcoy: Tradervue User Stock Trades.

Big Picture
Spy was gaping up from overnight and Sundays futures trading. My plan coming into the day was to try and let the market show its direction and present me with a favorable risk to reward. I was looking to short a continued move into overhead resistance, or go long on a healthy pullback consolidation below the recent highs.

Intraday Fundamentals
Stock was gapping up along with the rest of the market and its sector amid what, in my humble view was insignificant news out of china involving PMI and trade optimism.

Long-Term Technicals
Stock has been slowly grinding up after a head and shoulders pattern was put in after a strong few days a couple weeks back which took the stock from 23 all the way to 28 before bottoming out at 24.50. Resistance I had marked as the tops of the shoulders on 1hr time frame which correlated with the 27 level. Support i had at 25.50-25

Intraday Technicals
Stock gaped up overnight from 25.50 to 26.40, where it held 26.25 throughout pre-market before running back up very strong to high 26.50s into the opening bell. The stock then began a hard opening drive sell off to test pre-market low just after the opening bell.

Reading the Tape
After the sell of towards pre-market low is really where i began watching the stock closely. I saw a large buyer at the 26.22 level. The stock set a higher low at 26.30 and continued to test the large BID at 26.22. I decided that my best entry would be under this big bid if it broke. When the bid did break, i looked for the ASK to hold at 26.22 and i hit the BID at 26.20

Managing the Trade
My original entry was at 26.20 with a stop loss of 26.30 and a profit target near the PDH. 25.80 I continued to watch the tape and I added another half size as the price broke below 26 I chose my entry based on the level 2 and T&S when i saw the seller held below 26.20 this was also where i set my new stop loss. I covered all of my shares as the price bounced off of the 25.85 lvl just a couple of cents shy of my profit target

Trade Review
I did a great job of reading the tape here and fighting for price. I was able to find optimal risk reward setups based on where the large buyers and seller where on the tape and LVL2. I could have done a better job of Covering at the lows, the stock was just a couple of cents from my profit target and its pace was slowing. I should have taken profits off sooner. Also i should have been able to switch my bias and gone long as the stock put in a double bottom, and the market was slowing grinding higher in range bound manner. I should have been more expectant of a mean reversion considering this.

Report Card
Risk Reward 1-4

A-