PDD Trade on Aug 22, 2019 10:25 from beno: Tradervue User Stock Trades.

Big Picture
- Lingering fear from China trade talks and FED decision on interest rates
- SPY trading at top of 282-293 range
- Q’s are forming an ascending triangle on hourly chart

Markets Intraday
- PM: SPY had a slow grind up from 292 to 293.5
- Quick pop to 293.75 (high of range on longer term chart)
- SPY failed and sold off $3
- SPY bottomed at 290.5 and trended up all day, closed at 292

Technical Analysis – Long Term
- In long term range, lows getting higher
- Broke above some good levels on high volume, now at top of range again

Technical Analysis – Intraday
- Rev up 169% Y/Y
- EPS beat: -4c vs -19c expected
- Active monthly users soared 88%
- Had quick drop to 29 level but quickly retraced on high volume
- Has been consolidating above $30 all morning

Original Plan
1. IF first move is down:
a. Long it at $30 level if tape shows strength and overall market (and china ETF) shows strength (3R)
b. if $30 breaks look for tape strength at 29.75 risking 1R (add another 2R if holding above $30 after)
c. Target to lighten up is 31
2. IF first move is up:
a. Wait for a pullback or flag to get in (Risk 3R)
b. If pullback extends to $30, only get in if tape shows strength and market (and china ETF) shows strength (2R)

Execution Notes
After consolidating near its HOD I tried to trade it from the bottom of the consolidation range risking only 1R in case it broke down. Got in at 30.40 for two tiers but got stopped out at 30.30 almost instantly. I decided to try the trade again with two tiers at 30.26 risking 3R with a stop at 29.96. The stock traded close to my stop (29.98) because of overall market weakness and since it looked like the stock would continue its downtrend (it made a LH and LL) I sold one tier at 30.20 and I’m still holding my last tier. I sold my last tier as SPY started showing weakness and broke its trend pattern; the stock has also ben consolidating in the 60-80 cent range for a long period of time and wasn’t going up when the market was during the end of its trend. I sold my last tier at 30.70.

Grade Questions

Did I follow my plan? (yes/no/with mods): with mods
Which modifications?: tried flag pattern with 1R, then pullback with 2Rs
What justified the modifications?: overall market weakness
Did you hold a core position until you noticed a reason to sell?: still holding position
Were your executions goods? yes

Grade: A
(1=D, 2=C, 3=B, 4=A)