Sector: Technology
Industry: Software - Infrastructure
Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide.
Symbol : MSFT
Gap : 3.5%
RVOL : 2
pmVOL : >200K
Float: 7.55B
Short Float: 0.63%
pmPATTERN : Bull Flag, Up Drift and failure in Down Drift
Catalyst : ER day before
Support: 139.50 / 136 / 135
Resistance: 141 / 142 / 151
Inflection: 139sh
The all time high level could be a magnet for the price. Once there a consolidation above such level could imply a further move!
Set-up : 3/5min ORB / Trend Continuation
Side : Long / Short
Size : 40
Entry : 139.43 / 139.45
Takes : 139.07
Exit : 139.70
I have shorted MSFT for the fade below VWAP at the opening. I have slightly anticipated my entry few second before 09:33 but actually I wanted to short already the fade below 140! It would have worked perfectly considering the choppiness MSFT has been up to almost 12 o'clock! Great lesson for me, slowly I am seeing price action developments and Level 2. That's why I have exited my position the first time. The tape gave indications that we were going to retest VWAP and I didn't want to be in! I have shorted it again once orders aligned for a following fade and indeed gave me the first target! My position was smaller cause I wanted to spot the move building up a beautiful trade! Pity the choppiness didn't really gave opportunities to whom traded the first hour of the day! Surely loading up the first move would have resulted in a great trade but basically that is not my style!
A big remark is on the fact that I didn't even give to price the opportunity to test previous highs. I have closed my position not in the best way. I had to let it go. I had to give it the space to test technical levels of resistance at least up to the moment the tape was giving another scenario, if my entry was below these important levels of res/sup it's my problem not a price action issue! Even if price goes a bit against you but the tape confirms the orders I HAVE TO STAY IN THE TRADE! It might result in a failure but still I have to rely on what I see on the tape. The entry below 140 was the way, it was sooooo clear to me, I have spotted that but not executed it, this is for me a point of reflection! 3.6R on the table left in such way, should let me focus here!!! Still when a set up comes out I am able to fuck it all and exit as a perfect IDIOT!!!!! Wonderful position fading the EMA perfectly giving 3$ move with huge possibility to add!
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-07-19 09:32:58 | MSFT | sell | $139.430 | short |
2019-07-19 09:33:26 | MSFT | buy | $139.430 | 0 |
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Well played on this. The detail you put into your trade explanation shows great logic, and really well kept stats.