BURL Trade on Aug 29, 2019 09:45 from MarcoG: Tradervue User Stock Trades.

Company Description

Sector: Consumer Defensive
Industry: Discount Stores

Burlington Stores, Inc. operates as a retailer of branded apparel products in the United States. The company offers fashion-focused merchandise, including women's ready-to-wear apparel, accessories, footwear, menswear, youth apparel, coats, toys, and gifts, as well as baby, home, and beauty products. It operates 691 stores under the Burlington Stores name; 2 Cohoes Fashions stores; 2 Super Baby Depot stores; 9 MJM Designer Shoes stores; and 1 online store in 45 states and Puerto Rico. The company was founded in 1972 and is headquartered in Burlington, New Jersey.

Trade Scenario

Burlington Stores Inc. shares soared 9.8% in premarket trade Thursday. Net income of $85 million, or $1.26 a share, in the quarter, up from $70.9 million, or $1.03 a share, in the year-earlier period.

Trade Variables

Symbol : BURL
Gap : 12%
RVOL : >5
pmVOL : >100K
avg Vol: 934K
Float: 66M
Short Float: 5%
pmPATTERN : Pure gap with consolidation area
Catalyst : ER beats

Technical Levels

Support: 189 184.82
Resistance: 192
Inflection:

Trade Plan

ER beats led the stock to get to All Time High in premarket. A consolidation above the pm high could imply a move. Up-Trend Continuation after consolidation(Not liking the ATH already achieved in PM).

Set-up : Up-Trend Continuation after consolidation
Side : Long
Size : 10
Entry : 201.4
Takes :
Exit : >200

Comments:

Chicken entry! Felt into the trap being aware that price was going to retest VWAP.
Held the 200, price got the move! I am so happy of this trade! I am getting really nice answers and reflections. I know I am making no money but I don't care!!!! Pffff money....
I am waiting the day I will draw a beautiful trade on a chart. This trade got a controversial entry and went a kind of nice but needed longer to express and different approach to it. Re-enter the trade? Lock in a 2:1 pnl? 1.5:1 and a piece opened? There is so much to for me to deep in!
Basically it's happening with all the trades belonging to this strategy! My point is to understand if I have to take out some shares or holding the position adding up. By the holding/adding I am getting only red trades. All my red trades were green enough for me to lock a 2:1 pnl. I don't lock anything cause I am still testing the approach. I needed to let it go and get my statistical response out of it! The price I have held several minutes and more after my entry has been the one I have then sold to close my position. A break of that means that somebody has the interest for the price to get back to 198 first level of intraday support.
I don't care that I have got a loss but that, according to my plan, was the only price I had to sell! All above could be bought! Perhaps if I use this approach to open my positions I am gonna spot better entries. Basically I have to buy at first the level I usually use to stop. Identifying the 200 area as level of support I could have entered already before but below VWAP! This is another big thing! VWAP or not VWAP this is the question hahahah :D VWAP is not taken into consideration in technical trades such as at the open when you are called to buy a deep down to first level of support! There in those trades VWAP it's in the clouds. But perhaps for consolidation I should expect that a stock gaping up with such strength might need a while below VWAP! VWAP at the end it's responding to levels of price thus comes after price.. VWAP will always sit or fade on a level of support/resistance. That makes the move, a line in the middle will adapt accordingly to PRICE! The technical approach/trade it's something I am really in love with but it's kind of difficult handle with!

Thirty minutes after price confirmed my idea! Should I trade at 11:30? Even if setup is there should I open a trade in those low pace hours? Please share your opinion :D