TGT Trade on May 22, 2019 09:57 from MarcoG: Tradervue User Stock Trades.

Consolidation Squeeze Play above pm high on ER Beats!!

Requirements:

RVOL: Possibly >1.5
pmVOL: Possibly >50 K
avg Vol: > 1M
Vol @ Day : > 1 M
Gap: If possible but not strictly needed
Long Term Chart : Possible Pocket, trend already defined and strength.
Float: > 20 M
Short Float: Possibly >40%
Institutional Ownership : Possibly > 100%
History of Gap Follower: Neutral
History of former runner: Possibly YES
Major ETF movement and strength: Possibly Trending with strength

Company Description

Sector: Consumer Defensive
Industry: Discount Stores

Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials; food assortments, including perishables, dry grocery, dairy, and frozen items; and apparel, accessories, home decor products, electronics, toys, seasonal offerings, and other merchandise. The company also provides in-store amenities, such as Target Cafe, Target Optical, Starbucks, and other food service offerings. It sells its products through its stores; and digital channels, including Target.com. As of September 19, 2019, the company operated approximately 1,800 stores. Target Corporation was founded in 1902.

Trade Scenario

Target on Wednesday reported first-quarter results that broadly beat Wall Street estimates, sending shares up 7% ahead of the opening bell.
The retailer earned $1.53 a share on revenue of $17.6 billion, easily beating the $1.44 and $17.4 billion that analysts surveyed by Bloomberg were expecting.
Same-store sales also topped expectations, coming in at up 4.8% while analysts were anticipating a 4.3% gain. The retailer said comparable digital sales surged 42% versus a year ago, and contributed 2.1 percentage points to the overall growth.

Trade Variables

Symbol : TGT
Gap : 6.30
RVOL : 3.17 @ close of the day
pmVOL : >100 K
avg Vol: 7 M
Vol @ Day: 22 M
Float: 1.75 B
Short Float: 1%
pmPATTERN : Bull Flag (opens at mid wedge point)
Catalyst : ER Beats

Technical Levels

Support: 76.50 74.50
Resistance: 78.27 78.50 79 80 81.50
Inflection:

Trade Plan

Price just jumped above the 200SMA level of resistance forming a nice bull flag in pm. A further move to next levels of resistance could be a possible scenario!

Set-up : Consolidation Squeeze Play above 78.25 pm high level
Side : Long
Size : 80
Entry : 78.18
Takes : 78.67 / 78.96
Exit : 77.85

Comments:

I have traded TGT as Consolidation Squeeze Play once crossed the pm highs. I have raised my risk in this trade to 25$ due to the fact that I had to respect the daily risk for this trade to have a meaning. If I would have risked less I would have had the opportunity to cover my loss for instance. Thus I am quiet satisfy regarding my discipline!
Got to 2nd target Level 2 started to show accumulations below 79 with big orders on the ask. For this reason I then took out another piece once back at first target.
I have added afterwards but I have been betrayed cause it was actually a fake breakout!
I have therefore closed my position break even achieving a 1.75 pnl that covered the loss and payed the commissions for the day :)
Let's go a new day is on the way!!!!