Big Picture
- SPY consolidating below ATH (302) and above 282-294 range
- Saudi Aramco attacks causing volatility in oil prices, production back by end of September
- China trade talks productive, China purchased agriculture products from US
- Fed easing and possibly introducing new QE program (called Open market operations)
- Formal inquiry launched for Trump impeachment (Cover-up, secret server, abuse of power)
- US released tentative plan to limit investment in China
Markets Intraday
- PM: Uptrend $1 from 297.4 to 298.4
- Morning: Weak ISM released (47.8 compared to 50.2) – SPY tanked from 298.30 to 295
- Afternoon: Downtrend back below 294
- End of Day: Holding in 282-294 range again, closed at 293.20.
Technical Analysis – Long Term
- Downtrend since 2018
Technical Analysis – Intraday
- Held nicely after IBRK no commission news, lots of accumulation
- Gapped down $9 on news from Charles Schwab slashing commissions to zero
Catalysts / News
- Charles Schwab slashed all their commissions to zero
Original Plan
Only trade it on second day according to established levels.
Execution Notes
I got FOMO’ed and tried to short a momo lot at 36.29, ended up covering at 36.70. I tried the trade again after the next HL was established. I got short one lot at 36.62 and I held a little longer but the stock was establishing a small uptrend so I covered my lot on weakness at 36.36. I know this move is overdone so I wanted to capture the pullback and possible gap fill so I entered long on a pullback within the small trend at 36.77 but I immediately noticed some weakness on the tape and sold at 36.65. It seems the price is heading back to 36 and I might participate at that level.
After lunch I came back to a triggered alert (AMTD back to 36 level). After watching some price action / tape I decided to enter a short position at 36 after it had broken down from there and retraced. Got filled at 36 and covered my first two micro-lots on some weakness at 35.66. I held onto the last three micro-lots until I decided to cover them after the stock failed to make a LL (filled at 30.86).
Review
I probably should have waited till the 2nd day to trade this but the prior news was so fresh (news about IBKR Lite) that I wanted to participate. I like how I kept watching the stock after lunch and recouped some of my daily risk. Obviously after I covered my last lots at 30.86 it was a mistake and I should have held a core. Always hold a core until your stop or your target is reached! If you don’t have a target, FIND ONE!!!!!
Grade Questions
Did I follow my plan? (yes/no/with mods): no
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: C
(1=D, 2=C, 3=B, 4=A)
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-10-01 09:53:09 | AMTD | sell | $36.290 | short |
2019-10-01 09:57:27 | AMTD | buy | $36.700 | 0 |
2019-10-01 10:06:02 | AMTD | sell | $36.620 | short |
2019-10-01 10:20:34 | AMTD | buy | $36.360 | 0 |
2019-10-01 10:42:45 | AMTD | buy | $36.770 | long |
2019-10-01 10:43:24 | AMTD | sell | $36.650 | 0 |
2019-10-01 11:59:00 | AMTD | sell | $36.000 | short |
2019-10-01 12:29:41 | AMTD | buy | $35.670 | short |
2019-10-01 12:32:03 | AMTD | buy | $35.650 | short |
2019-10-01 12:49:36 | AMTD | buy | $35.860 | 0 |
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