Shared by
kerobo0000
Daily Report Card: D
-morning prep: D
-market prep: F
-stock prep: D
-level of focus: A
Rationale:
-ROKU gapping down -1.6% on the open
-big down day yesterday increased the likelihood of seeing price bounce today (short covering and/or value buying)
-saw wedge pattern occurring in real time on 5m and 1 min chart; also saw was setting us up for a potential red to green move
-positive market sentiment increased conviction around long bias
How much risk should/did I take? 1,430; 10% of NLV (appropriate level of risk)
Recap:
What did I do well?
-holding for first profit target as long bias had not been invalidated
-scaling out as I saw price stall once we broke above $133; large offer taken out and price failed to hold
How could I have traded this better?
-improve on scaling out; write down rules for scaling out including when to add trail stop order (I could've better managed last two scale outs)
-buy the base of the wedge; in this trade, I bought the breakout (computer update prevented me from being at the ready; but I should've been at my desk sooner to begin prep)
What did the tape look like during the most important moments intraday?
-grinding up, some size (~5k shares) continually on bid during up move
-saw large sellers on the offer as we approached $133
Gain/loss relative to expected gain/loss:
-gain in line with expectations (+23%); targetting 20-30% gains is appropriate for my style of intraday trading
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2019-09-19 09:59:07 | SEP20 19 135 CALL | buy | $1.430 | long |
| 2019-09-19 10:05:02 | SEP20 19 135 CALL | sell | $1.860 | long |
| 2019-09-19 10:06:35 | SEP20 19 135 CALL | sell | $2.000 | long |
| 2019-09-19 10:11:59 | SEP20 19 135 CALL | sell | $1.590 | long |
| 2019-09-19 10:12:10 | SEP20 19 135 CALL | sell | $1.560 | 0 |
Comments
kerobo0000
@adilamin just checked out your trade before I saw this comment. And agreed, just can't sit on them too long and pullbacks really suck out the premium. Let's compare notes, we may have a similar style
AdilAmin
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Good job. I did the same; bought the out of the money call tomorrows expiration . It is amazing how think-alike minds pick almost the same trade. Please see my post.