Big Picture
- SPY trading at top of 282-293 range
- Q’s are forming an ascending triangle on hourly chart
Markets Intraday
- PM: SPY gapped up ¾ points from last night to PM (291.7 to 292.5)
- Morning: SPY traded down all the way to 290.5 where it caught some bids; it traded to a high of 292.3 in the morning and is currently pulling back.
- End of day: SPY broke below its LOD (290.5) and closed at 289.80.
- Looks like it might fill the gap from Monday
Technical Analysis – Long Term
- SONO broke above $12 range on daily
- Raymond James upgraded stock to $19, market reacted well to news
- Rumours / hype on new speakers
Technical Analysis – Intraday
- Gapped above $12 by 50cents yesterday
- Closed strong and consolidated at its highs yesterday
- Has been strong relative to market today (goes up when market goes sideways)
Original Plan
1. IF first move is down:
a. Look for tape to slow down at 13.10 or 13 in order to get in, risking off 12.90.
b. We are looking for 13.5 to break then hold above it, add when 13.5 is retested from above
2. IF first move is up:
a. Get in when 13.5 is broken and at least one 5min candle opens and closes above this level, stop at 13.4
Execution Notes
My plan criteria didn’t trigger until 10am when the first 5min candle opened above 13.5; when it opened above 13.5 it showed strength because the tape was fast and trend had lots of momentum on the tape, I immediately got long 2 tiers at 13.59. I sold one tier when the tape slowed at 13.72. After seeing the stock form a flag pattern, I added another tier at 13.60 when the pattern was getting tighter and I had a stop for my entire position at 13.47. My stop got triggered and I got filled at 13.49. I jumped back in when I noticed some more momentum in the stock, got long 2 tiers at 13.76 but it felt like I just bought the top because the tape slowed so I sold 1 tier at 13.76. I held the other tier through the pullback and sold into strength at 13.83.
Grade Questions
Did I follow my plan? (yes/no/with mods): with mods
Which modifications?: I entered before the 5min candle closed because the tape was strong
What justified the modifications?: Strong tape / momentum
Did you hold a core position until you noticed a reason to sell?: No
Were your executions goods? My exits were decent but my entries need work (I need to buy dips and not tops)
Grade: C+
(1=D, 2=C, 3=B, 4=A)
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-08-20 10:03:49 | SONO | buy | $13.590 | long |
2019-08-20 10:05:24 | SONO | sell | $13.720 | long |
2019-08-20 10:22:47 | SONO | buy | $13.600 | long |
2019-08-20 10:28:46 | SONO | sell | $13.490 | 0 |
2019-08-20 10:41:41 | SONO | buy | $13.760 | long |
2019-08-20 10:48:09 | SONO | sell | $13.770 | long |
2019-08-20 11:16:46 | SONO | sell | $13.830 | 0 |
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