SBUX Trade on Jul 26, 2019 10:03 from MarcoG: Tradervue User Stock Trades.

Consolidation Squeeze Play above pm high! All Time High Spike & 100 (Psycho Level) Positive Magnet 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 Cyclical
Industry: Restaurants

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items. The company also licenses its trademarks through licensed stores, and grocery and foodservice accounts. It offers its products under the Starbucks, Teavana, Tazo, Seattle's Best Coffee, Evolution Fresh, La Boulange, Ethos, Frappuccino, Starbucks Reserve, Princi, Starbucks Doubleshot, Starbucks Refreshers, and Starbucks VIA brand names. As of April 25, 2019, the company operated approximately 30,000 stores. Starbucks Corporation was founded in 1971 and is based in Seattle, Washington.

Trade Scenario

ER. Surprise 0.42 (60.42%), earnings at 1.12 against a 0.70 estimation.

Trade Variables

Symbol : SBUX
Gap : 5.6%
RVOL : 3
pmVOL : >500K
avg Vol: 7.685M
Float: 1.17B
Short Float: 1.85%
pmPATTERN :Bull Flag / Sideways consolidation / bounce at the bottom for a VWAP test just prior the open
Catalyst : ER Beats

Technical Levels

Support: 96 / 93.17
Resistance: 97.50 / 98
Inflection: 97sh

Trade Plan

Long above pm high for the spike to All Time High Level of Resistance

Set-up : Up-Trend Continuation
Side : Long
Size : 40
Entry : 97.15
Takes : 97.63 / 97.95
Exit : 96.83

Comments:

SBUX was at all time high and showed nice earnings results. Once the price sat beautifully back on VWAP pulling back about 2 points, price made a nice bull flag that completed the ascending triangle made by the pull back. I have thus decided to long it for the spike of the all time high. It worked really nice if was not for some orders I have spotted on the time and sale. I had my 2nd take just 1 cent above the orders that brought the price back to pm high. I was right, price never crossed so far up to 12:45 that level. The 97.90sh has been sold all the times through the entire morning session. As soon as I have seen those orders I have preferred to lock up some more with the intention of adding back if price would have consolidated and kept going back testing the 97.90 sh. I am happy about my first add just at the pm high test and perhaps I have rushed too soon the second add compromising my avg price. I have learned today something really nice, I have to keep being calm and patience when adding back. By the time I am writing this report SBUX is only now crossing up hod at 12.53 crossing 98. Perhaps I have to start extending my trading hours to the entire day. Right it was 13 o'clock when price finally got his way, but still the setup and all the variables for me to open a trade were there: 97.80sh bear control level bought, volumes spiked, ascending triangle with flat tops, not a new low since 3rd minute of the day, road to 100 psychological level and price was just trading above pm highs. I have even bought the pm high in my trade :(
I have missed another opportunity not for lack of sight and patience sitting tight to spot my setups to form but for rules I am imposing myself! I think I could start extend my trading practice to the entire day. In the end I am following the stocks up to close each day so it's just perhaps starting first back testing what I would have got if reentered and then start to size in!
One thing more to add is the mistake taking out the second time just 5 shares, when I have realized that I have locked some more 10.
Last thing is regarding my physical condition today. I have never had parties on working days to avoid trading the day after with hangover. Yesterday I had a dinner in my place and we finished party really late and drunk! Today it was really hard to stay focused. Though I am happy how I have handle it but I think I will never get drunk again if the day after I have to trade. One and done hahahah I just did it once in a year and I have learned the lesson!
Have a nice weekend everyone, it has been a nice week!