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Aug 8, 2019 10:54

Shares traded: 200
Closed Gross P&L: $1.00
Gross Return: 0.10R


VWap Fade Down-Trend Continuation BreakOut 2nd part Trading Day

Trade Scenario

Z with ER yesterday beats estimate with a little surprise of 5.91% but negative overall year outlook.
Not enough though to grant a move to the upside. The price dropped hard 16% and got below 100SMA

Trade Variables

Symbol : Z
Gap : 16%
RVOL : 7
pmVOL : >100K
avg Vol: 2.7M
Float: 133M
Short Float: 12%
pmPATTERN : Bear Flag, Down Drift and consolidation above 200SMA
Catalyst : Shares of Zillow Group Inc. tumbled 15% in premarket trading Thursday, after the real estate services company provided a downbeat full-year revenue outlook, as the expected receipt of some revenue is being delayed, on the back of upbeat second-quarter results.

Technical Levels

Support: 41.92 100SMA
Resistance: 48.70 20EMA
Inflection: 45sh (ssr level)

Trade Plan

Set-up : Down-Trend Continuation
Side : Short
Size : 100
Entry : 40.73
Takes : LOD and below
Exit : 40.83


Z faded below 100SMA and retested such level rejecting hardly and falling again back below PM lows. I have thus tried to spot a move to low of the day. This is the reason why I have not locked in any profits. I have to say that this is a secondary setup so I have limited my risk to only 10$ with the aim of locking at important technical levels rather then my takes. This approach can be tolerated by my trading edge. If I execute my practice respecting the rules I could sacrifice a little piece of my profits for me to get more opportunities. That's why I have traded such small size with more attention on closing break-even considering that this is not my main practice!! Price reversed against me and I have got out! Exactly my entry was below VWAP and once 15min candle broke previous candle low! Happy regarding the execution!

08/08/2019 (later back on my trades)
I have forgotten to write down my considerations on volume profile. One of the reason why I have entered in the position is the volume exhaustion once price got at the 42 level. Even if loads of volumes came in price didn't break the level. That was a nice sign that price could have retested VWAP and eventually trend line that unfortunately I can't draw here hahaha
Broke VWAP and trend line I found really comfortable to entry in the position.

Execution detail:

Date/time Symbol Qty Price Position
2019-08-08 10:54:54 Z -22 $40.730 -22
2019-08-08 10:54:54 Z -74 $40.730 -96
2019-08-08 10:54:54 Z -4 $40.730 -100
2019-08-08 11:03:05 Z 100 $40.720 0

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