MMM Trade on Jul 25, 2019 09:46 from MarcoG: Tradervue User Stock Trades.

Company Description

Sector:
Industry:

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Trade Scenario

Trade Variables

Symbol : MMM
Gap : 4%
RVOL : 2.44
pmVOL : >100K
avg Vol:1M
Float: 576
Short Float: 1.94%
pmPATTERN : Bull Flag / Up Drifting consolidating at the bottom
Catalyst : ER

Technical Levels

Support: 186.62 (100SMA) / 180.29 (gap fill)
Resistance: 188.6 / 189.4 (pm high) / 192.35 (200SMA)
Inflection: 184sh

Trade Plan

!

Set-up : Down-Trend Continuation
Side : Short
Size : 33
Entry : 184.72
Takes : 183.70 / 183.03 / 182.03 / 180.69
Exit : 185.39

Comments:

MMM was gaping up in PM due to earning release. Surprise of -0.14 (6.72%) with earnings at 1.92 failing expectancy of 2.06
I have traded the fade below VWAP and below the pullback level in pm at 184.93.
The stock consolidated in pm at the bottom of the up drifting pattern, this gave me a short bias for the stock. I would have adapt accordingly if price would have tested and sat above VWAP, while it happened that the VWAP test failed and the stock lost 3 points within 3 minutes. Price pulled back at VWAP due to deep buyers at 183, level of the first pm pullback, I have shorted the fade just below VWAP. I am quite happy in relation to my entry but less in relation to my takes. I have respected the rules and there was actually nothing I could really do. If I would have locked more profits but the price then would have kept falling I would have ended up with no shares! Obviously I could have then add to rebuild my position but I would have lost my nice entry price. Price got at 3 cents from my take and if filled I would have then add at pull back! Respecting the rules and going forward!
Risk was 16$ to build up a position.
A remark is in relation to the one and done approach I have! If I have a green trade I do not trade again even if I spot potentially profitable setups! My idea on MMM was correct but needed time to consolidate with 183 / 185 area before dropping hard. I wanted to enter back at VWAP crack at 185 but to respect my one and done rule I didn't! I have to slowly start to trade what I see and not pre fixed rules that help in the beginning to build up consistency. I guess now after almost a year I trade I could try to expand a bit my edge!

30/07/2019
Today I have just reported that I am wrong applying new rules, that I have to keep respecting the rules that let me edge up to today. So I am right, I am stuck in this now! Jesus.. It's really true that at the beginning as daily trader YOU HAVE TO SUCH! I am here to give my part to it :P
I will go on day by day, trading what I edge and slowly adapting little variables to my practice. No new strategies for the moment while applying and developing what I know!
I didn't expect today's session would have given me such point of reflection! Great I always write it down!