Big Picture
- SPY Hovering near ATM at 302, having hard time breaking level
- Oil prices spiked up 9% in response to drone strikes in Saudi Arabia
- Lingering fear of US/China trade war
Markets Intraday
- PM: Traded down to 299.50
- Morning: Slow grindy uptrend all morning
- Afternoon: Mid-day correction followed continued slow grind up
- End of day: Strong move up making new highs on the day
Technical Analysis – Long Term
- LT uptrend during 2016-2017 followed by:
- Consolidation between 70 and 115 during 2018-2019
- Price broke down on soft FY20 guidance in early August
Technical Analysis – Intraday
- Day1: Gapped down $8 when soft guidance was reaffirmed
- Day1: Was bought strongly, all day, pushing price back up to 58
- Day2: Consolidated below last weeks high then broke above it
News / Catalyst
- Cuts FY20 revenue guidance by 2.4% (586M-593M from 600M-607M)
- Bought all day on the 16th
- 4 firms issued PT's above $70 on September 17th
Original Plan
If price shows weakness on open, play for a gap fill back to 58. If price holding and breaks last weeks high, play long until last weeks high level (60.8) breaks.
Execution Notes
I watched NEWR trade above last weeks high on increasing volume which gave me conviction to long it when it retested the level from above. I got filled at 60.84 and set my stop at 60.53 risking 30 cents or 3R. I took half off when it got back up to its high, got filled at 61.28 and still my core lot for a bigger move. My stop at 60.53 got triggered while I was having lunch.
Review
I found I executed my plan well. I sold half my position at todays high in order to pay for the trade then I held a core. It turned into a scratch trade when I got stopped but that’s okay that’s what stops are for!
Grade Questions
Did I follow my plan? (yes/no/with mods): yes
Which modifications?:
What justified the modifications?:
Did you hold a core position until you noticed a reason to sell?: yes
Were your executions goods? yes
Grade: A
(1=D, 2=C, 3=B, 4=A)
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-09-17 10:43:19 | NEWR | buy | $60.840 | long |
2019-09-17 10:55:51 | NEWR | sell | $61.280 | long |
2019-09-17 12:40:58 | NEWR | sell | $60.530 | 0 |
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