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Jul 17, 2019 09:39

Shares traded: 400
Closed Gross P&L: $-28.80
Gross Return: -0.72R


AllTimeHighSPIKE BreakOut Open Trading Day Up-Trend Continuation Real Money DayTrading Account

Company Description

Sector: Healthcare
Industry: Medical Devices

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company also provides glucose and blood glucose monitoring systems, including test strips, sensors, data management decision software, and accessories for people with diabetes. The company was founded in 1888.

Trade Scenario

ABT beats estimates with 18% surprise.

Trade Variables

Symbol : ABT
Gap : .5%
RVOL : 1.7
pmVOL : >100K
Float: 1.75B
Short Float: 0.83%
pmPATTERN : Up drifting and Bull Flag completed after 6min the market opened
Catalyst : ER Beats

Technical Levels

Support: 83.83 50MA level
Resistance: None, all times high
Inflection: 86sh

Trade Plan

ABT with ER beats is sat at all times high level getting a nice support that could grant a further move up

Set-up : Up-Trend Continuation
Side : Long
Size : 100
Entry : 86.09
Takes : 86.32 / 86.47
Exit : 85.94


I have selected ABT due to the earnings release. Prior the 5 min market opened the stock didn't have enough volume but the last 5 min went above 100k, reason why I have chosen to trade it.
Held tight for the first 3 min to run I have entered once price crossed pre market high. I chose that to be on the safe side but as known such entry could lead in a fake breakout. That is what happened, as soon as I have entered the price turned exactly up to my stop. I had no choice, the position had to be closed! Price resisted VWAP and consolidated again above. I have thus longed it a gain getting a better fill at 86.09. The move has been so fast that I was not able to set my first target, so I have missed it getting only the second. It's a pity cause it would have cover the little loss from the first trade. Doesn't matter I have executed the plan with no hesitation and that is more then enough for me :) Mistakes to remark perhaps are in the fact that I have closed break even my position cause I have already got 1 take. If I would have given it a little space I would have achieved 3 takes setting a nice 2:1 pnl that would have covered definitely my loss. I will focus more next trades on give it the space is needed excluding the money factor involved. I usually do it for but for the sake of my strategy if already red I close the position break even!
Final consideration : The usual stop exactly at my levels, something already happened that doesn't cause any kind of negativity or alteration of my trading practice!! After 2 shots I didn't chase the stock. My other entry btw would have been once back at all time high at 86, but I repeat not in my set of rules for the moment! In the future I will expand to this my edge!
Very last thing is $NUS. I have followed the stock through the all day long and noticed how there was a potential short below 37.50 level of resistance at 12:39:42. I have shorted it but the ssr on the stock didn't fill my order. Here I am disappointed!! It would have resulted in a nice 3:1 pnl! I know short sale restriction can be tough cause can lead you in chasing the price to get a fill but still I have to improve the practice on those kind of scenarios!!

I am back on my trade now with cold blood and actually my entry was just around 10 min break out area thus something I was trying to avoid. Back-testing all the strategies I have traded up to today I have realized that the 10min ORB is the only strategy in which I am 90% negative. I didn't remember that when I have opened the position this morning. I had already a big odd against me but I have forgotten that! I am trying to avoid the 10 min ORB indeed was months I didn't trade it! I trade my best the Up-Trend Continuation after 09:45, the 5min ORB after 09:35, 3min ORB after 09:33, Down-Trend Continuation after 09:45 and as last the 10min ORB. This is the reason why I have avoided that but today passed completely out of my mind and I had just to wait few more minutes for the trend to consolidate!
Basically I have to avoid entries from 09:39 till 09:43!
I have to keep going on and improve the practice of my actual strategies for me to then add new setups!
I can try to trade as I did today on $NUS just with less size for me to don't compromise the overall view of my account as I did as per today!
The trades out of my strategies since January are less then 5 on more then 100 trades! The 75% of them had a solid setup for me to try!
What I have to improve are my entries, 0 tolerance toward any hesitation and still handle stocks with huge volatility! Perhaps it's not a coincidence that I perform the best after 15 minutes the market opened! When I trade the 3min ORB I have in the back of my mind that what I do besides the size I use is too risky! For instance even if I was not considering QCOM in my stock selection cause I don't really like his price action, I was following it in a small separate 3 min chart. After the first 3 minutes there was a nice 3minORB that was just at an important support level. I have said to myself that the break could be shorted but I have thought that it could have been too risky!
Tomorrow will be another interesting day. Today CSX gave a nice opportunity for the break below the 200 Daily SMA. I was following so many stocks that I have missed a good entry.
Tomorrow I will have a max of 4. Earning season kicked in and many are the names that worth to be followed, perhaps too many :D

I have add a TAG for the trades that are at All Time High or Low.
This trade besides the first entry that perhaps could have be quit already at the break of the whole dollar at 86, could have been a profitable scalp trading the spike!
I am happy I have arrived to such conclusion! Studying on a daily base and reviewing your trades/psychology and all the rest on a daily base is a very impressive tool to maximize our practice! One more thing, for this kind of scenario perhaps an order at VWAP cross would be really beneficial! We have the overall condition that would support the move!!

Execution detail:

Date/time Symbol Qty Price Position
2019-07-17 09:39:16 ABT 100 $86.210 100
2019-07-17 09:39:40 ABT -100 $85.810 0
2019-07-17 09:40:42 ABT 100 $86.090 100
2019-07-17 09:41:36 ABT -30 $86.470 70
2019-07-17 09:44:03 ABT -40 $86.100 30
2019-07-17 09:44:03 ABT -30 $86.070 0

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